San Jose retirement officials' pricey travel paid at pensions' expense

The San Jose Mercury reports:

When San Jose's new retirement director wanted to evaluate investment consultants in Seattle last year, he decided to check things out in person. He brought along three board trustees, and each stayed in his own room at the posh W hotel for $427 a night, bypassing less expensive offerings like a nearby Sheraton.

Retirement officials also traveled to places as far-flung as Alaska, Hawaii and London over the past three years, often spending more than $350 a night on rooms and occasionally taking a limo to the airport or hotel - all on the pensioners' dime.

Those trips were among dozens the Mercury News reviewed after retirement officials tried to ward off a city audit of their travel costs, which are paid out of the publicly funded pension accounts. Those costs are now raising tough questions from some city council members who serve as board trustees.

In the world of pensions, it's common for officials to travel so they can evaluate investments and stay up on trends. But San Jose's travel costs, which are approved by the retirement director without detailed review from the pension boards, were 50 percent higher last year than those in San Francisco's much larger pension system.

It's only other people's money.