|« Lobbyists' Contract: No competition, funky oversight||Policy of Public Record Destruction »|
A Major Budget Impact on Future Generations
A Look Back at 2005
Encinitas workers get improved salaries, benefits
The City Council brought finality to months of negotiations Wednesday by approving 3.2 percent raises and increases to health and retirement benefits for city staffers...
Bussey said the premiums Encinitas pays to the California Public Employee Retirement System could increase with downturns in the economy.
Encinitas approves worker's contracts
James Bond cast the dissenting vote in the 4-1 decision to approve the contract. Bond said he was concerned that the increase in city contribution to employee pension funds might cause financial strain in the future.
Encinitas must stand with taxpayers
"In Encinitas, the City Council is scheduled to vote on a pay package that would give a staggering 35 percent raise to city workers in the form of a lavish, lifetime boost in their retirement incomes. For good measure, ordinary wages would rise 3.2 percent annually for three years. All this comes as the state government wrestles with billions of dollars in projected deficits, a precarious condition that threatens the fiscal health of local governments."
Encinitas pays city employees well and wisely, by Jerome Stocks
"The employees, not the city, will assume the lion's share of the increased cost of the pension plan enhancement"
The city pension projections assume a 7.75% yearly rate of return and a 3% rate of inflation. We have not found rates of return for secure investment instruments anywhere near a guaranteed 8%, in the private market. Any resulting shortfall will have to come from the taxpayers. Coming hyperinflation is a concern among many economists.
We have been unable to find the city's pension documents online.