Monday, July 16, 2007

My friend Lee Lipps (from CTA) meets the new administrator of San Diego's "underfunded and over-indicted" pension board

According to the Conta Costa Times:

"David Wescoe, San Diego's retirement system administrator, told commissioners about the eight city and union leaders in his city facing federal or local criminal charges -- or both -- for allegedly boosting their own pensions and doing other sneaky things.

"Wescoe, who came on board after the scandals, opened with this remark: "I often like to say I'm from the underfunded and over-indicted San Diego City Employees' Retirement System.""

Note by EVAN McLAUGHLIN, Voice of San Diego
July 16, 2007

"Wescoe was one of a handful of witnesses who testified in front of Gov. Arnold Schwarzenegger's Public Employee Post-Employment Benefits Commission last week. At the meeting, California pension officials announced that retirement funds across the state are running a combined $63 billion deficit, but that funding levels for public pension systems had increased by 11 percent since 1991."

Maura Larkins note: CTA's Lee Lipps was recently chosen to sit on the Benefits Commission (see below).

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