San Diego’s annual pension payment will rise by nearly $50 million this June, making it much harder for the tourism-reliant city to balance its budget while tax revenues continue their sharp slide due to the COVID-19 pandemic.
The city’s pension board is requiring a $49.3 million spike in the annual pension payment — from $365.6 million a year to $414.9 million — because estimates of long-term pension debt rose this year from just over $3 billion to $3.34 billion.
Author(s): David Garrick
Publication Date: 17 January 2021
Publication Site: San Diego Union-Tribune