Background: In FY 15, the City disclosed for the first time that it had $10 million of Unfunded Pension Liability under CALPERS. This is debt that needs to be paid over 20 years, and interest of just over 7% annually. In FY 17 the debt increased by $3 million and last year by another $1 Million -- thereby increasing the total liability/debt to over $14 million; of this, $10.8 million relates to the PVE PD. The total liability will continue to rise if CalPERS continues to fall short of their investment goal, and the City continues to not even pay all the interest due each year which causes the principal to increase. For more information, click here.
Question: What is your perspective on the pension issue, and what would you advocate doing about it?