{"id":5075,"date":"2021-01-22T11:30:19","date_gmt":"2021-01-22T18:30:19","guid":{"rendered":"https:\/\/sandiegonewsdesk.com\/?p=5075"},"modified":"2021-01-22T12:42:35","modified_gmt":"2021-01-22T19:42:35","slug":"annual-pension-payments-for-san-diego-set-to-increase-by-49m","status":"publish","type":"post","link":"https:\/\/sandiegonewsdesk.com\/?p=5075","title":{"rendered":"Annual pension payments for San Diego set to increase by $49M"},"content":{"rendered":"

Written by Sebastian Acosta<\/em><\/p>\n

New estimates of long-term pension debt will cause San Diego\u2019s annual pension payment to increase from $365.6 million per year to $414.9 million, an increase of over $49 million. <\/span><\/p>\n

Longer life expectancy and higher average pay for city workers, as well as the underperformance of pension system investments this year led to the increased debt. It has been reported that it could have been higher had it not been for the rebound of the stock market last spring.\u00a0<\/span><\/p>\n

The city will need $11.2 billion to pay pensions it will owe workers long term. H<\/span>owever, the long-term value of assets set aside for those payments is $7.9 billion, according to estimates by Gene Kalwarski, the city\u2019s actuary.\u00a0<\/span><\/p>\n

When compared to pension systems across 33 states, San Diego has the most conservative expectation of investment returns, said Kalwarski. The city\u2019s 70.2% debt funding rate also compares favorably among the states.\u00a0<\/span><\/p>\n

The annual pension payment is projected to be at $423.1 million in fiscal year 2023, $430 million in year 2024, and 436.4 million in 2025. By 2041, as a result of the higher payments, the city\u2019s pension debt is projected to reach zero.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Written by Sebastian Acosta New estimates of long-term pension debt will cause San Diego\u2019s annual pension payment to increase from $365.6 million per year to $414.9 million, an increase of over $49 million. Longer life expectancy and higher average pay for city workers, as well as the underperformance of pension system investments this year led…<\/p>\n","protected":false},"author":3,"featured_media":5113,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-5075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nAnnual pension payments for San Diego set to increase by $49M - San Diego News Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sandiegonewsdesk.com\/?p=5075\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual pension payments for San Diego set to increase by $49M - San Diego News Desk\" \/>\n<meta property=\"og:description\" content=\"Written by Sebastian Acosta New estimates of long-term pension debt will cause San Diego\u2019s annual pension payment to increase from $365.6 million per year to $414.9 million, an increase of over $49 million. Longer life expectancy and higher average pay for city workers, as well as the underperformance of pension system investments this year led...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sandiegonewsdesk.com\/?p=5075\" \/>\n<meta property=\"og:site_name\" content=\"San Diego News Desk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-22T18:30:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-22T19:42:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/01\/Pension.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\",\"name\":\"San Diego News Desk\",\"url\":\"https:\/\/sandiegonewsdesk.com\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#logo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2019\/07\/Logo-SanDiegoNewsDesk-Article.png\",\"contentUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2019\/07\/Logo-SanDiegoNewsDesk-Article.png\",\"width\":1200,\"height\":720,\"caption\":\"San Diego News Desk\"},\"image\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#website\",\"url\":\"https:\/\/sandiegonewsdesk.com\/\",\"name\":\"San Diego News Desk\",\"description\":\"Your Source for News in San Diego\",\"publisher\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/sandiegonewsdesk.com\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/01\/Pension.png\",\"contentUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/01\/Pension.png\",\"width\":1200,\"height\":720},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#webpage\",\"url\":\"https:\/\/sandiegonewsdesk.com\/?p=5075\",\"name\":\"Annual pension payments for San Diego set to increase by $49M - San Diego News Desk\",\"isPartOf\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#primaryimage\"},\"datePublished\":\"2021-01-22T18:30:19+00:00\",\"dateModified\":\"2021-01-22T19:42:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sandiegonewsdesk.com\/?p=5075\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/sandiegonewsdesk.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Annual pension payments for San Diego set to increase by $49M\"}]},{\"@type\":\"Article\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#article\",\"isPartOf\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#webpage\"},\"author\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#\/schema\/person\/f5bed4fc07270caa9fa05a8b26be4751\"},\"headline\":\"Annual pension payments for San Diego set to increase by $49M\",\"datePublished\":\"2021-01-22T18:30:19+00:00\",\"dateModified\":\"2021-01-22T19:42:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#webpage\"},\"wordCount\":196,\"publisher\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/sandiegonewsdesk.com\/?p=5075#primaryimage\"},\"thumbnailUrl\":\"https:\/\/sandiegonewsdesk.com\/wp-content\/uploads\/2021\/01\/Pension.png\",\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#\/schema\/person\/f5bed4fc07270caa9fa05a8b26be4751\",\"name\":\"San Diego News Desk\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/sandiegonewsdesk.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/05062ed7eb31bfe5ee9233a235e7d2e2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/05062ed7eb31bfe5ee9233a235e7d2e2?s=96&d=mm&r=g\",\"caption\":\"San Diego News Desk\"},\"url\":\"https:\/\/sandiegonewsdesk.com\/?author=3\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts\/5075"}],"collection":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5075"}],"version-history":[{"count":0,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/posts\/5075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=\/wp\/v2\/media\/5113"}],"wp:attachment":[{"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sandiegonewsdesk.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}