| Ayatollahgondola |
05-05-2010 08:14 AM |
San Diego City Employees Sued For Pension Losses
This is being taken from the Lloyds of London playbook, where investors are like shareholders beholden for losses as well as profits. I wonder why there's no bailout
Quote:
SAN DIEGO -- San Diego is suing to force its employees to pay more into their pension fund to make up for $80 million in investment losses.
The suit was filed Monday in Superior Court against the San Diego City Employees Retirement System, which is funded by both city and employee contributions.
The suit asks a judge to order the system to increase worker contributions. City Attorney Jan Goldsmith argues that under the city charter, workers must split the cost of making up the investment losses.
Labor leaders fear about 9,000 union workers would be charged an extra $4,000 each.
A ruling is expected before the city makes its annual pension payment on July 1.
Read more: http://www.sacbee.com/2010/05/05/272...#ixzz0n4X798pW
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