The deficit in the San Diego city employee pension system has more than doubled to $2.78 billion since the Wall Street meltdown, according to an analyst.
Actuary Joseph Esuchanko told the City Council Wednesday that the pension fund has $6.56 billion in commitments, but only $3.78 billion in assets, as of Oct. 31. The deficit was $1.2 billion before the meltdown.
City Chief Operating Officer Jay Goldstone said the city will likely face skyrocketing pension payments to make up the difference. According to projections, the city's annual pension payment of $166 million next year could increase to $291 million in three years.
City Attorney Michael Aguirre has urged the council to consider filing bankruptcy as a way to stabilize the fund.
Copyright AP - Associated Press
