Opinion: Common sense is needed to solve San Diego's pension crisis, not 'smoothing' [Opinion]
San Diego pension officials pan proposed slowdown of debt payoff, which could yield $100M a year
” : So, after granting salary raises that increased the city’s unfunded pension liability, the city is urging the pension board — against the advice of its actuary — to adopt a “smoothing” gimmick that would decrease the city’s annual employer contributions. We are told that device would “give the city roughly $100 million more to spend annually in the short term for city services like libraries, parks, police and other priorities.” What will the creative thinkers at City Hall conjure next to minimize the city’s pension obligations? Free cigarettes for city employees to shorten their life expectancies?
Here is an alternative thought: Recall the fiscal peril caused by the deliberate underfunding of the pension system that occurred at the turn of the last century and then, to avoid a similar crisis, prefund the pensions promised to city employees in accordance with actuarial science and advice.
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