San Diego Pension Boss Stepping Down

November 4, 2009 ( - David Wescoe, administrator of the city of San Diego's pension system, is stepping down from his post.

A news report in the San Diego Union-Tribune said Wescoe is moving to a similar job running the film industry’s pension programs.

Wescoe became administrator of the San Diego City Employees’ Retirement System (SDCERS) in May 2006, after years of turmoil stemming from the decisions by pension and city officials to increase retirement benefits without identifying a way to pay for them.

In his resignation letter to the pension board, Wescoe said the decision to leave wasn’t easy.

“In the last few years, no organization has faced more difficult challenges, and no organization has accomplished more than SDCERS,” he wrote, according to the newspaper. “Today, SDCERS is a model of industry-leading best practices that have restored the organization’s integrity and credibility.”

Wescoe’s annual salary as administrator is $200,000.

He will begin his new job as executive administrative director of the Motion Picture Industry Pension and Health Plans on December 1. Wescoe will oversee three separate multibillion-dollar funds.