San Diego Retirement Association Discusses Options for Continuing Health Benefits
The San Diego County Employees Retirement Association board on Monday began discussing options to finance medical benefits and cost-of-living increases for county retirees, the San Diego Union-Tribune reports.
The retirement system for 30 years has been paying medical benefits and cost-of-living increases by using excess earnings from investments, but the county is not obligated to provide the benefits. In July, the association recommended ending the benefits to increase the pension system's funded ratio. Most retirees opposed the proposal.
Consultants on Monday outlined several funding scenarios and discussed national trends, such as increasing health care costs, that would affect pension systems in the future.
The board likely will hold several more meetings before taking action in the spring, according to association CEO Brian White (Fitzsimons, San Diego Union-Tribune, 12/20).