huh,… constantly repeating alternative facts does not change the simple truth, which is,… we’re up the proverbial creek all because the way the public pension portfolio is setup and operated
in other words the problem(s) were avoidable if nothing more than middle school math concepts were used from the onset,… BUT here we are in the middle of a big blame game AND innocent taxpayers who had no part in creating the financial mess are being positioned to pay for the mismanagement by politicians and public unions who are DISHONEST and DUMB w/ money they were entrusted w/
BTW it does not take a genius to see the San Diego public pension portfolio just like the Detroit public pension portfolio, has an optional 13th pension payment feature,… so let’s consider what happened there!
[quote] 13 things to know about Detroit’s ’13th checks’ for pensioners
…Detroit pension funds paid retired and working employees bonus payments, called “13th paychecks.” The payments cost the city’s pension funds billions of dollars and some say they’re part of the reason the city went broke.
…The bonus payment were given with little oversight. Officials still don’t know how much was paid out in bonuses…
…The bonus payments were made quietly, but required the approval of the City Council. Council members apparently believed the funds had enough money, and would continue to have enough money into the future, to afford the bonuses…
The supplemental “13th Check” benefit is paid from trust fund assets to eligible retirees in years when the qualification formula specified in the Municipal Code is satisfied. When qualified, SDCERS will calculate and pay the 13th Check to all eligible retirees annually in November…
Bottom line,… if you want someone to blame, look in the mirror because it seems these links outline the root cause of the financial mismanagement which is endangering everyone
