Matt Potter 11:51 a.m., Sept. 20
Pension Deficit $2 Billion, Funded Ratio 66.3 Percent
The City has admitted that the pension system is just 66.3 percent funded and the unfunded actuarial liability is $2 billion as of Jan. 31. Today, Councilmember Carl DeMaio revealed that 86 former City employees are getting pensions of more than $100,000 a year. One is getting $165,870. One source says that she is former deputy city manager Patricia Frazier, who has been indicted for participating in the fraud that kept honest figures on the pension deficit from bond investors. Former city attorney Casey Gwinn is bringing home almost $95,000 a year and former mayors Richard Murphy and Susan Golding are bringing in about $50,000 yearly. Five individuals have received $1 million lump sum payouts from the DROP system, a classic form of double-dipping.