The city of San Diego and the county are both falling short of the funds they need to fulfill their pensions obligations, but they’re not the only public entities in town in trouble.
VOSD’s Ashley McGlone details the 10 worst-funded pension plans in the county – all of which only have 60 to 70 percent of the funds they need to pay out their retirement promises to their current and former employees.
When the city of San Diego reached that level, it kicked off a decade of political upheaval and high pension bills have been the reality ever since. A big bill next year is blamed for an impending budget shortfall.
The city of San Diego’s local pension fund is currently 70 percent funded, and the county pension fund is 71.5 percent funded.
At the bottom is Valley Center Municipal Water District. The water agency’s total pension liabilities exceed $49 million, but with only $30 million in assets, leaving the agency a nearly $19 million unfunded liability.
Otay Water District and the City of El Cajon’s safety employee pension plans follow. Also included on the list are the city of Chula Vista, the city of San Marcos, Padre Dam and San Diego Regional Association of Governments (on top of its other revenue issues that we’ve previously reported on).