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Quan: Oakland Retirees Won't Live Too Long
Mayor Jean Quan of Oakland speaks at an event celebrating the kickoff of a clean energy program in the center of the city, Wednesday, Feb. 2, 2011, in Oakland, California
Interesting coverage in The Bay Citizen of disagreements between Oakland Mayor Jean Quan and City Councilman Ignacio De La Fuente over Oakland's $464 million unfunded pension liability.
In the story, De La Fuente argued for immediate action, while 'Quan said she favors making a "modest payment' of about $5 million a year for the next five years."
Reading the story, I recalled a comment Quan made at a press conference last week. Asked by another reporter about Oakland's pension problems, the mayor said she believed the fund's actuary was making incorrect estimates of Oakland's liability.
Oakland's has "a very old pool of beneficiaries," she said, and they wouldn't be receiving pension payments as long as the actuary estimated.
"I think they're probably financing at a higher rate than they should be," she said.
Aaron Glantz covers housing, real estate, development, and veterans issues for The Bay Citizen. Before joining TBC, Glantz spent seven years covering the war in Iraq and the treatment veterans receive when they come home. ...
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leonard raphael
Oakland elected officials created a large chunk of the PFRS underfunding liability years ago by deciding to use borrowed bond money to play the stock market. Unions didn't care because they were confident the voters would cover any losses.
Now our highest elected official is opining that the actuaries are wrong about the one thing actuaries do really really well at: estimating life expectancies. Sounds like she has moved on up from her previous area of expertise at predicting that the stock market will recover, and moved on to giving actuarial advice.
She should help out CALPERS by telling them that their actuaries were mistaken in recently increasing the required contributions for public safety workers because of longer life expectancies at retirement than non public safety workers.
-len raphael, temescal oakland
Bruce Nye
Len, you got any time in the next week or three to push away the keyboard and talk face-to-face? If so, e-mail me at bruce.nye@gmail.com. Thanks.
leonard raphael
Bruce it's very easy to find me because i've lived in Oakland for the past +35 years and in temescal for the last 30. -len
leonard raphael
have had the same email address since 1993.