News Old - DO NOT USE - The Coast News Rancho Santa Fe

C’bad pension system discussed at workshop

CARLSBAD — City officials discussed the possibility of revamping the city’s pension system at a workshop held Feb. 24.
Although Mayor Bud Lewis will not be running again for re-election, he has said he supports changing retirement benefits for future employees.
Currently retired city employees are paid 3 percent of their annual pay, multiplied by the number of years they worked for the city. The city employees pay 1 percent of their salary into the city retirement system.
Although economic times have been rough and the state, as well as many cities, have had to cut back on pay and retirement benefits, city officials said the city of Carlsbad has enough money to cover its pension expenditures.
Planning for the future is one reason the city is in the strong economic position it is, officials said, but due to the tough economic times and a decrease in tax revenue, the city is looking into all possibilities for keeping good economic standing.
One solution is to make city employees pay more into the system, said John Bartel, the consultant hired by the city.
The workshop was held to discuss items and no decisions were made.