The economic crisis that dealt a severe blow to public employee pension funds throughout California did the same to the retirement plans of the Modesto and Turlock irrigation districts.
Records obtained by The Bee show that the pension plans offered to employees of the local public utilities are in sorry shape.
The MID’s basic pension fund, which was 130 percent funded a decade ago, was able to cover only 70 percent of the benefits promised to 773 employees and retirees as of January 2010, the most recent figures available. The TID plan serving 804 participants was only 67 percent funded.
District board members are eligible for the benefits as well.
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