Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Supervisor Farrell introduces charter amendment to pre-fund $4.4 billion retiree health liability
Summary
Supervisor Farrell introduced a charter amendment to move San Francisco from a pay-as-you-go model to a prefunded retiree health care trust that he says would eliminate a $4.4 billion unfunded liability over about 30 years while capping employee contributions at 10% of payroll.
Supervisor Farrell introduced a charter amendment on May 7 aiming to change how San Francisco pays for retiree health benefits, which he said currently represent an unfunded liability of about $4.4 billion.
Farrell told the Board that the city now pays retiree health benefits on a pay-as-you-go basis and that less than 1 percent of the $4.4 billion liability has been prefunded. He…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
