Below was my first attempt at tonight's posting
|This Document shows a fully funded pension in 1986.|
|This document taken from a 1992 Bond offering by Santa Barbara County also shows that the SBCERS pension was indeed 102% funded, that is until someone devalued the pension in 1997 .|
However in the 2009 County Employer-Employee Cost History all the funded values and funded levels had been retroactively devalued. Look under the sixth column from the left titled funded ratios on the cost sheet and you can see that now it reports that the pension was only funded 67% on 12/31/86. I have records that show originally the County reported that in 1988 the fund was 91%, 90 it was 83. %, in 92 88.6%, in 94 88.1% and finally 1995 was 92%. The cost history sheet from 2009 on the other hand shows 1988 was 67.2% funded, 90 was 61.4%, 92 was 81.7%, 94 was 87.5% and 95 was 87.8% funded.
S.B.C.C.C. The place where COMMON SENSE never goes out of style!