[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]
Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.
