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City's pension 'reforms' are only making matters worse.

Publication: San Diego Business Journal
Publication Date: 26-JUL-04 		Format: Online - approximately 848 words
Delivery: Immediate Online Access
Full Article Title: City's pension 'reforms' are only making matters worse.(Opinion)

Article Excerpt
There is good news in all the pension bad news ... the media are starting to get it--and publicize it.

I've been receiving articles from papers up and down the stare decrying the rich pensions being paid to state and local public employees, and the funding shortfalls that have resulted. Believe me, the state and local governments are in BIG trouble, and the press now knows it.

Unfortunately, in San Diego the emphasis has been on the underfunding problem rather than challenging the need for such rich pensions in the first place. An Orange County Register editorial ex plains well what happened. In 1999, the state authorized increasing pensions for local "public safety" employees from 50 percent pensions at age 50 to 90 percent payouts at...

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