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San Diego pension debt climbs past $3B for first time

Board says increase caused by more responsible, conservative approach to long-term pension estimates ....

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Ministry that serves downtown homeless in crisis

Ministry that serves downtown homeless in crisis
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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