San Diego’s troubled pension system continues to be underfunded
Claiming their lawyers led them to approve a funding plan in 2002 that the mayor now admits was a mistake, the leaders of San Diego’s troubled pension system officially began distancing themselves from the decision. In late June, the board of administration of the San Diego City Employees’ Retirement System filed a lawsuit claiming that its independently retained lawyers defrauded the board and committed malpractice when they supported the board’s application of the agreement known as “Manager’s Proposal II.” The 2002 agreement continued what by then was the city’s six-year underfunding of the pension system. That trust fund now faces an estimated $1.167 billion shortfall. http://story.news.yahoo.com/news?tmpl=story&cid=312&ncid=312&e=9&u=/sddt/20040824/lo_sddt/officialspensionfundagreementwasamistake