Higher Pension Costs Mean More Budget Cuts
County Forced to Work with $11 Million Less
The good news is the bad news. Santa Barbara County public employees are living, on average, a year and a half longer than their counterparts throughout the state, and there are roughly 20 percent fewer deaths expected here than in the rest of California. The bad news, then, is that the county government has to pay more for their pensions.
“That drives the cost of the plan up,” retirement system CEO Greg Levin told the county supervisors on Tuesday.
Santa Barbara’s extended life expectancy is just one small explanation for the county’s mounting pension woes. Because of an arcane decision made by the retirement board last December, the county supervisors will have less to work with this year than they thought. That translates to $11 million worth of budget cuts.
