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Supervisors send charter amendment to ballot to pre-fund retiree health care and cap employer contributions
Summary
The Board voted unanimously to refer a charter amendment to voters that would move the city from pay-as-you-go retiree health funding to a prefunded model intended to eliminate the $4.4 billion unfunded liability over about 30 years and change governance of the Retiree Health Care Trust Fund.
The Board of Supervisors voted to place a charter amendment on the November ballot that, according to sponsors, would shift San Francisco from a pay-as-you-go model to a prefunded retiree health care trust, cap employer contributions, and revise governance of the trust.
Supervisor Farrell, the measure's sponsor, told colleagues the amendment targets the city's roughly $4.4 billion unfunded retiree health care liability and aims to eliminate it in approximately…
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