Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Civil Grand Jury urges clearer pension disclosure; GAO sends report to full board with supervisor amendments
Summary
The Civil Grand Jury told the committee that San Francisco’s retirement system was about 78% funded at FY2016 and that retroactive pension increases have created large immediate liabilities; the committee forwarded the grand jury’s recommendations to the full board and recorded partial disagreements and time‑framed implementation language from Supervisor Peskin.
The 2016–2017 Civil Grand Jury told the Government Audit & Oversight Committee that San Francisco’s retirement system faced substantial unfunded liabilities and that voters have not been given clear, accessible descriptions of the long-term costs of pension-related ballot measures.
Kathy Lowery, foreperson of the grand jury, and Chris Bacon, committee lead on the report, summarized findings: at the end of fiscal 2016 the retirement fund was about 78 percent funded, the grand jury estimated an unfunded amount of roughly $5.8 billion and noted that retroactive benefit increases create immediate liabilities that are amortized…
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
