The Orange County Grand Jury has issued a new report on “Orange County City Pension Liabilities” and it turns out that the City of Santa Ana is very much in the hole.
Santa Ana has accrued $886M in public safety pensions and another $670M in other labor pensions. The bad news is that Santa Ana only has $639M in market value assets to pay off the public safety pensions (for retired firemen and police officers). Cops and firemen can retire at 55, and do so with huge pensions that can be in the six figures. Continue reading