Does it matter if the County pension system is under funded?
Today various news sources are saying this report, which says the Orange County pension system is hugely under funded, is important. To me the County seems like a useless extra layer of bureaucracy, so I don’t know why it really matters what happens there. It’s not like the Orange County bankruptcy actually changed anything. But, I thought I would point out the report because it’s been talked about quite a bit in the news today.
A lot of people work for the county in various respects – There’s a good directory at http://www.oc.ca.gov/ocdirectory/ocdirectory.asp. Many cities in OC tend to have small government, so services have to come from somewhere.
Anybody bother to look at the problems San Diego is experiencing due to the constant underfunding of their pension fund. The Mayor and other City council officials are looking at federal charges.