February 22, 2017 -- As it scrambles to avert the red ink of a predicted recession, the City of Santa Monica ranks among the highest in California in some employee pension cost indicators, according to a Stanford University research institute study.

Employee pension obligations for the City reached a total of more than $2.6 billion in 2015, according to the university’s Institute for Economic Policy Research, a think-tank that analyzes public pensions throughout California.

The data showed the City’s pension plans had assets worth $1,160,707,532 in 2015, leaving it with a shortfall of between $1,474,333,894 and $1,565,550,491, depending on the assumptions and methods used in calculations.

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