SD Rostra

Ringing the Pension Bell

“10 former city employees will split $61 million dollars for the rest of their lives.  Did they win the lottery?  No…they will receive it in payouts from the City of San Diego pension system.”

“I was shocked by what I discovered in the City of Bell and am shocked by what I discovered in the City of San Diego.  San Diego is just like Bell – only bigger,” Marcia Fritz, CPA, CFFR

These are just two of several shocking revelations about the City of San Diego’s pension system contained in a report being released Monday morning.  The report was compiled by Marcia Fritz — the pension expert who revealed the outrageous pension payouts in the City of Bell.

Councilmember Carl DeMaio will join pension expert Marcia Fritz at an 11:00am press conference.  In addition to discussing the report itself, DeMaio will lay out pension reforms that should immediately be implemented in the City of San Diego.  Details below. Media is asked to RSVP.

DeMaio to Join Expert Who Revealed City of Bell Pension Scandal to Release Analysis on Outrageous City of San Diego Pension Payouts.

What: Taxpayers are justifiably outraged by the excessive salaries and pension benefits paid in the City of Bell, CA.  On Monday, the same pension expert who revealed the excessive pension payouts in Bell will release analysis of excessive pension payouts in the City of San Diego.A report containing pension payouts and long-term costs to San Diego taxpayers will be released. Councilmember Carl DeMaio will also discuss pension reform proposals to address these abuses.
Who: Councilmember Carl DeMaio and Marcia Fritz, President, California Foundation for Pension Reform (Pension expert who broke the story on the excessive City of Bell pension payouts)
When: Monday, October 4th, 201011:00am
Where: City Hall 13th Floor Press Conference Room – 202 C. St. – San Diego, CA 92101
Why: “I was shocked by what I discovered in the City of Bell and am shocked by what I discovered in the City of San Diego.  San Diego is just like Bell – only bigger,” Marcia Fritz, CPA, CFFR“The data being released is absolutely outrageous.  We need to have fundamental pension reform in San Diego – otherwise taxpayers are being asked to throw good money after bad,” Councilmember Carl DeMaio.

The City of San Diego faces an enormous budget deficit due to major yearly increases to the Pension System.  Taxpayers deserve to know what payouts are happening in the pension system.

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