Some board members may have benefited from underfunding
When San Diego city officials scrambled to avoid a massive balloon payment to an ailing pension system in 2002, they persuaded the retirement board to allow continued underfunding of the system in a deal in which several board members saw their retirement pay increased.
The deal also involved two retirement board members – the city's deputy auditor and the president of the politically powerful firefighters union – voting for an arrangement in which they received extra benefits tailored to their unique employment circumstances.
Today, the overall deal, approved in November 2002 by Mayor Dick Murphy and a City Council majority, is seen as a key contributing factor to a $1.17 billion pension deficit that has sparked downgrades of the city's credit ratings, launched federal investigations and made national headlines suggesting San Diego is on the brink of bankruptcy.
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Some board members may have benefited from underfundingI might as well learn about what is going on in San Diego since I will be moving there in a month.
Apparently, Mayor Dick Murphy is a Republican.