SAN DIEGO -- San Diego County's pension fund deficit has grown to $1.4 billion because of poor stock market performance, higher retirement benefits given to public employees and other factors, it was reported Tuesday.

A county report shows that the fund as of June 2003 had a liability of $5.8 billion and assets of $4.4 billion, according to The San Diego Union-Tribune. A report in October 2002 showed the fund had a liability of $5.1 billion and assets of $4.2 billion.

Despite the system's growing deficit, county officials told the newspaper that the county's pension fund is in much better shape than the city's and is in no immediate danger of running out of money to pay retirees.

The city's pension fund, which is about half the size of the county's, has a deficit of $1.1 billion and more than $1 billion in unfunded retiree benefits.

The county's pension fund earned $1.37 billion less than anticipated between June 2001 and June 2003, contributing to the deficit increase, county officials told the Union-Tribune.

Other reasons cited in the report for the growing liability include a rise in disability-related retirements, salary increases and longer life expectancy of retired employees, the newspaper reported.

The San Diego County Employees Retirement Association board, which commissioned the report, will discuss the findings at a meeting on Thursday.

The reports says the county would be required to contribute $250 million to its pension fund for the fiscal year beginning July 1, up from $203 million last year, according to the Union-Tribune.

Three county supervisors told the newspaper that the county had already budgeted $265 million for next year's pension fund contribution, $15 million more than the required amount.

In addition, the county plans this summer to issue more than $400 million in bonds to help pay down the deficit, the newspaper reported.