San Diego Union Tribune headline:
“Poor returns hasten pension reckoning
San Diego County investments miss targets for second year”
Read this article with some skepticism. The U-T and this columnist never miss an opportunity to bash public defined benefit pensions. Even though Mr. McSwain gives the County Retirement system credit for improving and reducing risky investments, he unfairly paints all California pension systems with the same broad negative brush. Although many retirement plans in the state have been chronically underfunded by employers, San Diego County’s has not. And it is a huge misrepresentation to allege that rising pension payments are rapidly crowding out money for essential government spending. Read article: http://www.sandiegouniontribune.com/news/2016/jul/23/san-diego-county-pension-investment-peformance/