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What is the condition of the retirement plan for San Mateo County employees?

Original post made by gunste on Aug 1, 2013

With the story of Detroit and many other places, including the state of California, I wonder what the condition of the SM County retirement fund is. Is it fully funded or underfunded, and if less than 100% where does the County fit into the scale?

On reading the list of salaries of County employees in the Daily Post, with many police and firemen earning in excess of $150,000 including overtime, with even some bus drivers managing to earn $180,000, underfunded pension systems should be a significant worry for the future. Are the supervisors paying attention? Do they evn know of the problem if there is one? Does the County calculate pensions based on the salary earned in last year or three?

Comments (3)

Posted by Menlo Voter, a resident of Menlo Park: other
on Aug 1, 2013 at 7:50 pm

Gunste:

the supervisors are in the pocket of organized labor. If they do know of the problem, and they probably do, they don't care. Their labor puppet masters want them to just keep the gravy train rolling. And they will until and IF the sheeple of San Mateo County wake up and vote these corrupt politicians out of office. I'm not holding my breath.


Posted by facts, a resident of another community
on Aug 1, 2013 at 9:59 pm

Menlo Voter: Your assertion has no basis. Warren Slocum was not endorsed by the labor council, yet he received support from all but two current and former supervisors (Web Link).


Posted by Menlo Voter, a resident of Menlo Park: other
on Aug 2, 2013 at 7:00 am

facts:

from your link re. Shelly Masur:

IBEW, Local 617
Plumbers and Steamfitters, Local 467
San Mateo County Building and Construction Trades Council
San Mateo County Central Labor Council, AFL-CIO
San Mateo County Firefighters, Local 2400
Service Employees International Union (SEIU), Local 521

Looks like labor endorsements to me.


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