It’s almost April. Our wise and courageous city council is already wading through wage negotiations with the city employee unions for the upcoming budget year. How did we get this far without adding up Fullerton’s total unfunded pension obligation? Oh well, here it goes…
|
Pension Plan
|
Total Liability
|
Market Value of Assets
|
Unfunded Liability
|
| Fullerton Public Safety |
$324,288,070
|
$197,444,920
|
$126,843,150
|
| Fullerton Miscellaneous |
$202,257,209
|
$136,167,010
|
$66,090,199
|
That’s a grand total of $192 million in what is essentially “pension debt” for which we have no foreseeable plan to pay, even when we include all of our future contributions and expected market gains.
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