[quote] San Diego officials divided over accelerating pension debt payoff
…The city’s projected pension debt has increased from $1.2 billion to nearly $2.8 billion since 2007.
Some say the city could be on a path toward repeating underfunding schemes more than a decade ago that caused huge pension payment increases, drastic budget cuts and eventually earned San Diego the nickname “Enron by the Sea.”
…Kalwaraski, the actuary, recommended the board stick with the 30-year policy for debts caused by assumption changes, contending that San Diego already has the most conservative policies in other areas.
That includes a 6.5 percent long-term projection of investment growth, the lowest in the entire state.
FWIW responded to a comment,… where I essentially agreeded that bankruptcy is inevitable given debt and other trends, and quoted/hyper-linked the same two facts that I pointed out to bearishgurl,… odd thing is my comment removed (but I have a highlighted PDF copy of what was deleted)
