[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]
GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.
It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.
The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.
