Re “City Hall’s grim new norm” (Feb. 1): It is the U-T Editorial Board’s view that the city of San Diego’s pension costs are unsustainable. What that means, in practical terms, the board does not define. Here though, is what the system’s independent actuary predicts.
The city’s contribution to its pension system will need to be $563.2 million later this year and $573.2 million the following year, but will then decline $79.8 million (about 14%). Thereafter, the annual rise in contributions will be limited to about 1.2% a year, until 2043, when the annual contribution will dramatically decline by $180.8 million, to under $400 million, and stay there through 2055.
San Diego made some major mistakes related to its pension system many years ago, and the bill is due now, but through sound practices, the costs of those mistakes are being paid off. The future is bright.
— B. Chris Brewster, Pacific Beach