San Diego city employees enrolled in a retirement program that guaranteed them 7.75 percent interest on their investments had the rate cut today to 3.54 percent by the city's pension board.
At least 1,774 municipal employees are enrolled in DROP, or the Deferred Retirement Option Program, which allows them to have their monthly pension payments funneled into an investment account for five years while they are still on the city's payroll.
DROP guarantees a return on the money of 7.75 percent, regardless of what is happening on Wall Street.
The San Diego City Employees' Retirement System Board of Administration voted today to lower the guaranteed rate of return to 3.54 percent.
The change will save the city about $3.5 million in fiscal year 2011, according to Councilman Carl DeMaio's office.
DeMaio, who sent a memo to SDCERS last week seeking the lower guaranteed interest rate, applauded the board's decision, saying it was an "important step forward in reforming the city's financially-troubled pension system."
"While more reforms are needed in the pension system, the action taken today will save taxpayers millions," he said in a statement.
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