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.
In what could be viewed as the first chapter in negotiations with city labor unions, Mayor Dick Murphy on Wednesday laid out cost cutting proposals that could put costly pension benefits on the backs of new city employees.
In a move to separate itself from what has been called a "sinking ship," the Port of San Diego Board of Commissioners asked to have their funds removed from the city's pension account.
When City Councilman Brian Maienschein said he would lead a charge to move the pension to a defined contribution plan, some saw it as a bold political move while others saw a prelude to nasty labor negotiations.
San Diego City Attorney Michael Aguirre said Friday he is preparing a report providing an historical and current analysis of the city employee's pension fund.
In the wake of the blistering report issued by the city attorney Wednesday, officials called for patience while various investigations into the city's finances are completed.
City officials accused of securities fraud related to the pension fund scandal could use their reliance on the advice of counsel and accountants to mitigate their individual culpability in criminal or civil proceedings, according to securities law experts.
Mayor Dick Murphy and five City Council members allegedly violated federal disclosure laws by approving retiree benefit increases in 2002 and various bond offerings over the last three years, according to a report issued Wednesday by City Attorney Michael Aguirre.
Seeking to move the city back onto solid financial ground in the eyes of Wall Street, Mayor Dick Murphy on Monday asked the board for the city's pension system to waive key rights and hand over documents to investigators.
A series of new documents released through various sources further illustrate attempts to cover up the true state of the city's financial condition in early 2002, said City Attorney Michael Aguirre.
A lawsuit filed last week by the city pension plan against the San Diego city attorney and City Council is the centerpiece of a power struggle that took center stage in a Monday council meeting.
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.