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06-10-06, 02:04 AM #1
City Settles Pension Fund Lawsuit For $173 Million
SAN DIEGO -- A tentative settlement has been reached in a lawsuit filed by a retiree over san diego's pension deficit.
Mayor Jerry Sanders announced the $173 million settlement Thursday afternoon at City Hall.
"I think this is an important accomplishment and milestone," Sanders said.
William McGuigan, a retired city worker, claimed the city didn't pay its full contribution into the retirement system between 1996 and 2005.
Under the settlement, the city will receive credit for $100 million that will be put into the pension system through a recently approved bond. The city must pay another $73 million into the pension system over the next five years.
City Attorney Michael Aguirre said the settlement was "advantageous," because it makes the case a class action and prevents other retirees from suing the city over the same issue.
"Most importantly, the city will never again be sued for any underfunding issue that has been raised previously," Aguirre said.
The City Council, which must approve the settlement, is scheduled to discuss it Tuesday.
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