Members of the San Diego City Council have taken advantage of a controversial retirement benefit approved over the past 10 years that critics argue is driving up the pension systems' $1.37 billion shortfall.
The San Diego City Council approved a series of resolutions Tuesday in hopes of expediting the completion a long-awaited 2003 financial audit.
Mayor Dick Murphy postponed a Monday hearing to potentially approve seven new members of the San Diego City Employees Retirement System in order to take a more in-depth examination of the "vetting process."
As the pension crisis progresses, it looks like City Attorney Michael Aguirre is about the only person taking it seriously. However, with all the other weird city problems -- agendas, scams, prosecutions and election debacles -- Aguirre's efforts are more likely to be criticized than analyzed.
An attorney representing the city's largest union filed an objection Thursday to block attorney Michael Conger from settling a case filed against attorneys that represented the San Diego City Employees Retirement System in 2002.
The city of San Diego is shelling out more than $8 million in legal and bookkeeping bills in conjunction with investigations into financial disclosure practices and the completion of the 2003 financial audit -- and that number may continue to grow.
I recently called for a complete replacement of the city's archaic pension system with a plan that will prevent the reoccurrence of the serious problems that plague the existing setup. I have been frustrated with the grandstanding that has been done by some and the complete silence and lack of solutions from others. Pointing fingers will not help solve the problems facing the system. Neither will sitting and doing nothing.
Mayor Dick Murphy announced his intention to clean house at the city's pension board of administrators, and appointed a team of local financial management heavy hitters, most from large corporate companies.
Mayor Dick Murphy appointed seven new independent members to the board of administrators of the San Diego City Employees Retirement System on Friday.
Just days after Mayor Dick Murphy presented a plan to cut the city's $1.37 billion pension deficit by as much as $600 million, City Attorney Michael Aguirre released a more aggressive eight-step strategy.
The city's controversial DROP program for employees edging toward retirement carries a price tag to maintain, according to a report issued Friday by the city's pension actuary.
The city of San Diego's hiring of a reputable former executive at the U.S. Securities and Exchange Commission may be a last ditch effort to avoid a political melee caused by the pension fund boards refusal to waive certain legal privileges, according to actuarial experts.
As San Diego struggles with its under-funded pension system, The Daily Transcript will continue to provide comprehensive and timely coverage of the issue. Find the latest articles on San Diego's continuing pension saga.