Pension Borrowing Plan to Cost Taxpayers $335 Million
Bob Filner has placed a heavy emphasis on pension obligation bonds as a way to address San Diego's skyrocketing pension costs. However, the large coalition of pension reform advocates who successfully passed the Proposition B Comprehensive Pension Reform initiative in June are calling attention to a risky and costly plan proposed by Filner, who is running for mayor against Carl DeMaio. The coalition's analysis shows Filner's pension obligation bonds would cost San Diego taxpayers up to $335 million over the next 30 years, meaning future generations would be left to pay for the city's existing pension costs.