March 26, 2025
By Karen Berry
San Luis Obispo County's unsubscribed pension liability now exceeds $1 billion, primarily due to large pay increases for retirees and significant increases in living expenses. Other factors include more retirees (additionality) than current employees, and longer lives for retirees.
The SLO County Pension Trust Board reported $10.08 billion in debt obligations of $10.08 billion on January 1st, according to the annual Actuarial Aluation Report. The county is more than $1 billion short on trust accounts set aside to pay former employees for monthly pensions and benefits.
A summary of important assessments is thousands
More than 54 cents are currently in the pension trust for your salary, with county dolls every dollar. This includes contributions from both employers and employees.
County pension funds typically receive money from employee contributions, employer contributions, and investment returns.
In 2023, the pension deficit rose by $65.6 million, or 6.7%.
Additionally, the expected employee payroll increased by 4.9% to $253.8 million. Pension trust managers expected salary increases by 3% per year.
According to the report, total and past employees in retirement benefits (authorized liability) have increased primarily significantly, and has increased more than expected, as they are higher than expected costs for retirement benefits (inflation).
California Transparent says the number of retirees receiving pensions, pensions and benefits is rising as the county's unfunded pension liabilities skyrocket.
Topslow County Pension recipients for 2023:
Frank Freitas, Tax Collector – $247,730
Jeff Ham, Director of Health Agency – $243,719
Pat Hedges, Sheriff – Coroner – $219,848
Dan Hilford, Assistant District Attorney – $219,031
Gerald Shea, District Attorney – $218,410
Gere Sibbach, Auditor Ruler – $213,761
Medical Director, Ennard – $211,234
