Tuesday, September 17, 2019
Growing retirement benefits and poor investment returns are at the heart of San Jose's ballooning pension obligations " which are projected to drain an average of $340 million a year from the general fund over the next decade As originally conceived, the city's pension funds were meant to be self-funding. Nevertheless, jurors estimate taxpayers will pay almost 80% of more than $4 billion over the next decade because the investment funds won't raise enough to cover the obligations. "Based on estimated pension payouts and the mandated annual COLA increases," according to the grand jury report, "San Jose retirement plans in the next 10 years will need to payout approximately $4.3 billion."
Wasn't supposed to cost us a dime .... oh well what are you going to do ...
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