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Riverside wants your ideas for solving its $531.6 million unfunded pension liability

Riverside has set up a website to educate the community on city efforts to address its unfunded pension liability and to seek input from the public.
The projected cost of providing retirement benefits for current and future retirees is $531.6 million more than the resources the city has to pay it, according to a city report .
Cities across the state are facing similar unfunded pension liabilities, in part because the California Public Employees’ Retirement System received lower investment returns during the Great Recession than it had anticipated.
The city has more information and an option to provide feedback at https://www.riversideca.gov/citymanager/calperschallenge .
Two public meetings also will address the pension issue.
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The Riverside Budget Engagement Commission will receive a report on unfunded pension obligations beginning at 5 p.m. Thursday, Nov. 29, in the Mayor’s Ceremonial Room at Riverside City Hall, 3900 Main St.
The City Council will hold a workshop on the issue at 1 p.m. Tuesday, Dec. 4, in the City Council chambers at City Hall.

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