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12%  
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Keyword: improperacts

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  • CA: (San diego) Pension board told of improper acts in '03

    10/04/2005 9:20:42 AM PDT · by NormsRevenge · 3 replies · 241+ views
    San Diego Union - Tribune ^ | 10/4/05 | Jennifer Vigil
    Private attorneys hired by San Diego's pension system determined that the pension board violated the trust of current and future retirees by allowing the City Council to continue delaying full payment of money it owed the fund. The attorneys, in a March 5, 2003, legal opinion made public yesterday, said pension board members placed their needs above those of the retirement fund and its beneficiaries when they agreed to a 2002 city proposal to underfund the pension system by temporarily reducing the annual payment into it. The arrangement, which also cleared the way for the city to increase employee pension...