Crime & Safety
Moraga-Orinda Fire District Pension Debt Larger Than Expected
A recent analysis of the district's pension liability shows an $45 million funding gap
The Moraga-Orinda Fire District is going to have to pay more to fund pensions for its current and past employees.
A recent review of the pension plan showed the district needs come up with $45 million to close the gap between the value of the pension benefits and what the district has available to pay for them, according to a story in the Contra Costa Times.
That shortfall doesn't include the $24 million gap for health care benefits to employees and their spouses as well as the $24 million the district owes on bonds to pay off past pension debts, the Times reported.
The district may have to make a $5.2 million lump payment to the county retirement system in the 2014-2015 fiscal year. That's equivalent to a fourth of the district's $20 million annual budget.
The financial news comes just weeks after the district board of directors took steps to balance this fiscal year's budget.
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