The San Jose Mercury News tied its report this weekend on the county of Santa Clara’s $1 billion pension deficit with other scenarios throughout the state, noting that “similar red flags are popping up all over California.”
But the Merc mixed up its governments:
San Mateo County’s unfunded liability dangles past half a billion dollars. Alameda County’s pension fund is short by $766 million. San Diego County, dubbed “Enron by the Sea” for its long-running pension problems and other financial scandals, is $1.4 billion in pension deficit. The price tag for the state of California? Around $40 billion.
It was the city of San Diego, not the county government, that won comparison to the scandal-ridden energy corporation in 2004, when various investigations into the city’s financial practices led The New York Times to brand the city with the nickname.
Besides the snafu, there is some interesting discussion about public pension plans in the article. You can read it here.