Risks Detected in Local Public Pension Systems
Source: Santa Barbara County Grand Jury
The 2017-18 Santa Barbara County Jury received complaints about the nine principal public pension systems in Santa Barbara County – the County of Santa Barbara Employee Retirement System (SBCERS), which is not part of the California Public Employee Retirement System (CalPERS) risk pool, and the eight municipal systems of Buellton, Carpinteria, Goleta, Guadalupe, Lompoc, Santa Maria, the City of Santa Barbara and Solvang, which manage 32 plans within the CalPERS risk pool. Following those complaints and given the public concern about the viability of defined benefit pensions in the County, the Jury analyzed risks to the County and municipal pension systems over the period 2018-2047.
The Jury found the highest risks in the plans of Lompoc (six pension plans), the City of Santa Barbara (four pension plans), and Santa Maria (seven pension plans), which are the largest in the County. It found moderate risks in Guadalupe (five pension plans) and Solvang (three pension plans). It found minimal to moderate risks in Buellton (two pension plans) and Goleta (two pension plans). Risks in SBCERS are moderate and well managed.
The full report is below: