MAJOR PENSION RELATED REPORTS
The following are the reports that clearly spell out the problem that our political representatives have failed to address. These reports demonstrate that Marin is on a path to insolvency that will result in cutbacks in services and/or higher taxes. The status quo is simply not sustainable.
CSPP Reports
Pension Roulette Part 1
A Comparative Analysis of the Pension and Retiree
Benefits of Marin County and its Municipalities
This landmark six month study of the financial impacts of over a billion dollars in unfunded retiree benefits on Marin County and its towns and cities was release in September 2013. The first-of-its kind report, which provides five key indicators of financial stress and a comparison of public and private defined benefit plans, is a model for cities and counties across the United States that are looking to understand how massive unfunded retiree debts have accumulated and their constraining effect on government services. The report estimates the unfunded retiree debt for the County and its towns and cities at $1.2 billion to $2.3 billion based on assumed pension investment returns. It shows that all cities and towns as well as the county fail to meet what is considered a healthy funding ratio of 80% for their retiree liabilities using an optimistic return on pension investments of 7.5%. When a more conservative figure of 4.8% is used, the average funding ratio drops below 50%.
Download the Report
Down the Press Release
Download the Report
Down the Press Release
Pension Roulette Part 2
Do You Feel Lucky
This follow up report to Pension Roulette demonstrates the dire financial condition of Special Districts in Marin County as well as the Golden Gate Bridge District. The report, which studied the following Special Districts, concludes that the pension plans and retiree benefits they offer are exorbitant and dangerously underfunded.
- Marin Municipal Water District (MMWD)
- North Marin Water District (NMWD)
- Novato Fire Protection District (NFPD)
- Marinwood Community Services District (MCSD)
- Golden Gate Bridge Highway & Transportation District (GGB)
Download the Press Release
Download the Report
Summaries of Pension Roulette 1 and 2
- Marin Municipal Water District (MMWD)
- North Marin Water District (NMWD)
- Novato Fire Protection District (NFPD)
- Marinwood Community Services District (MCSD)
- Golden Gate Bridge Highway & Transportation District (GGB)
Download the Press Release
Download the Report
Summaries of Pension Roulette 1 and 2
Marin Civil Grand Jury Reports
MARIN CIVIL GRAND JURY REPORT
Pension Enhancements: A Case of Government Code Violations and A Lack of Transparency
Public Release Date April 16, 2015
The Marin Civil Grand Jury has just released a report that could easily be the biggest financial scandal in Marin's history.
In its investigation of just four government bodies, the Grand Jury found that Marin County, City of San Rafael, Novato Fire Protection District, and the Southern Marin Fire Protection District granted no less than thirty-eight pension enhancements from 2001- 2006, each of which appears to have violated disclosure requirements and fiscal responsibility requirements of the California Government Code.
The report states:
"One result of these pension enhancements is that they contributed to the increase of the
unfunded pension liability of MCERA; this unfunded liability increased from a surplus of
$26.5 million in 2000 to a deficit of $536.8 million in 2013. This increase may expose
the citizens of Marin County to additional tax burdens to cover the unfunded costs and
may place the future financial viability of the pension plans at significant risk.
Additionally, such an impact may impair the governments’ ability to provide the broad
range of essential services that citizens are expecting; instead those funds may be used to
pay for employee pensions."
Citizens for Sustainable Pension Plans is calling for an independent legal investigation to determine the extent of violations and whether the contracts formed under such violations are valid.
Here is a list of links that provide the latest coverage and developments of this Grand Jury report:
The Grand Jury Report: Pension Enhancements: A Case of Government Code Violations and A Lack of Transparency (Download)
Marin grand jury flays pension benefit secrecy.
By Nels Johnson, Marin IJ 4/17/15 (Link)
Top Marin lawyer targeted in pension probe.
By Nels Johnson, Marin IJ 4/23/15 (Link)
The long-term cost of keeping taxpayers in the dark.
By Dick Spotswood, Marin IJ 4/25/15 (link)
Pension Enhancements: A Case of Government Code Violations and A Lack of Transparency
Public Release Date April 16, 2015
The Marin Civil Grand Jury has just released a report that could easily be the biggest financial scandal in Marin's history.
In its investigation of just four government bodies, the Grand Jury found that Marin County, City of San Rafael, Novato Fire Protection District, and the Southern Marin Fire Protection District granted no less than thirty-eight pension enhancements from 2001- 2006, each of which appears to have violated disclosure requirements and fiscal responsibility requirements of the California Government Code.
The report states:
"One result of these pension enhancements is that they contributed to the increase of the
unfunded pension liability of MCERA; this unfunded liability increased from a surplus of
$26.5 million in 2000 to a deficit of $536.8 million in 2013. This increase may expose
the citizens of Marin County to additional tax burdens to cover the unfunded costs and
may place the future financial viability of the pension plans at significant risk.
Additionally, such an impact may impair the governments’ ability to provide the broad
range of essential services that citizens are expecting; instead those funds may be used to
pay for employee pensions."
Citizens for Sustainable Pension Plans is calling for an independent legal investigation to determine the extent of violations and whether the contracts formed under such violations are valid.
Here is a list of links that provide the latest coverage and developments of this Grand Jury report:
The Grand Jury Report: Pension Enhancements: A Case of Government Code Violations and A Lack of Transparency (Download)
Marin grand jury flays pension benefit secrecy.
By Nels Johnson, Marin IJ 4/17/15 (Link)
Top Marin lawyer targeted in pension probe.
By Nels Johnson, Marin IJ 4/23/15 (Link)
The long-term cost of keeping taxpayers in the dark.
By Dick Spotswood, Marin IJ 4/25/15 (link)
Marin's Retirement Health Care Benefits:
The Money Isn't There
Public Release Date June 13, 2013
This Grand Jury investigated government entities’ provisions to meet growing retiree medical health care costs for current employees and for those already retired. The investigation discloses that the 40 government entities (the County, cities and towns, special districts and school districts) we surveyed have a collective liability of about $577 Million but have set aside only about $55 Million. Taxpayers and customers thus face future increased costs of $522 Million or nearly 91% of the liability to pay for the benefits that have been promised but have not yet been provided for.
Report
Report
Other Reports & Studies
Marin County Council of Mayors and Councilmembers:
Marin County Local Government Reform of Pensions and Other Post Employments -
Revisiting the Problem and Scope of Local Solutions
September 13, 2019 Report
Marin County Local Government Reform of Pensions and Other Post Employments -
Revisiting the Problem and Scope of Local Solutions
September 13, 2019 Report