San Diego City Employees’ Retirement System hired the law firm of Paul, Hastings, Janofsky & Walker to represent it in a lawsuit brought by the city seeking to have system participants share investment risk, according to a notice on the $3.7 billion system’s website.
The city government currently takes responsibility for the system’s investment risk under the city charter.
The city filed a petition May 3 in San Diego Superior Court asking that investment losses be included in its calculation of city employee contributions. The city wants a court order forcing the pension system to split investment losses between the participants and the city, thereby cutting the city’s contribution. A hearing is scheduled for Sept. 24 before San Diego Superior Court Judge Joan M. Lewis.
