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San Diego ready to reverse Proposition B pension cuts, potentially ending 9-year legal battle

San Diego ready to reverse Proposition B pension cuts, potentially ending 9-year legal battle
San Diego Union-Tribune (CA)
The nearly nine-year legal fight over
San Diego s Proposition B pension cuts came to an apparent end Friday when supporters of the 2012 ballot measure declined to appeal a court ruling that ordered the city to overturn the cuts.
The end of the legal fight comes nearly three years after the state
Supreme Court ruled Proposition B was illegally placed on the ballot because
San Diego officials skipped key steps, such as negotiating the pension cuts with labor unions.
Proposition B eliminated pensions for all new hires after ....

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San Diego ready to reverse Proposition B pension cuts, potentially ending 9-year legal battle

San Diego ready to reverse Proposition B pension cuts, potentially ending 9-year legal battle
sandiegouniontribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegouniontribune.com Daily Mail and Mail on Sunday newspapers.

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San Diego's pension payment spiking $50M, worsening budget crisis during pandemic

Board says increase caused by more responsible, conservative approach to long-term pension estimates
The debt increase is linked to a new study showing more city workers will live into their 80s and 90s. Also pension system investments underperformed this year, and the average pay for city workers went up by more than double the expected rate.
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San Diego’s pension debt has nearly tripled from about $1.2 billion in 2007 because of similar negative impacts to the system, particularly the stock market crash during the Great Recession that began in 2008.
This year’s increase in the debt and the city’s annual pension payment would have been much sharper if stocks had not rebounded last spring from the initial dip they took just after the pandemic began. ....

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