Loma Linda throws $1.3 million at pension debt – San Bernardino Sun

Loma Linda is throwing more money at its pension debt after already spending nearly $12 million in the last three years to lower the amount it pays in interest.

The City Council on Tuesday, Feb. 8 decided to pay another $1.3 million to lower its $7 million California Public Employees Retirement System unfunded liability, or the gap between what the city has promised to pay retirees and what has been set aside to pay them. At a 7.25% interest rate, the debt goes up by more than a half-million dollars each year.

The vote to pay more toward the city’s pension obligation was 4-0 with Councilman Rhodes Rigsby absent.

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