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City Treasurer Says Retirement Funds Are Short A Billion Dollars

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(Sacramento, CA)
Tuesday, January 28, 2014
Fehr says the City has $3 billion in long-term pension, medical and retirement responsibilities, but only $2 billion of that have been funded. 

"Back around the turn of the century, substantial retirement benefit enhancements were granted to employees and no additional money was contributed to the system and the liabilities increased," he says. "It was said at the time it wouldn't cost anything which was just an utterly false statement."

Fehr says the city council must determine how the city will pay off the unfunded liabilities and avoid leaving future generations to pay for the retirement of today's employees.

"When you look at the same intergenerational issue- the issue of having the future pay for employee benefits, it's hard to establish the justification for having the future pay for pensions regardless of what the level is" says Fehr.

At the request of the City Manager, Fehr is scheduled to give a presentation on the City's debt to the Sacramento City Council tonight.

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