The Santa Barbara Grand Jury, looking at salaries, benefits, and pensions at various government agencies within the county, concluded in a recent report that while most of the agencies contribute annually to the pension programs, many do not actually have a grasp of their total post-employment obligations or the asset values supporting those obligations. The jury also found that many agencies use a pay-as-you-go funding strategy, which could lead to a serious shortfall of funding for future employees who retire.
