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Controller: San Francisco—s unfunded retiree-health liability about $4.42 billion; committee seeks further study
Summary
Controller Ben Rosenfield told the Budget & Finance Committee that the city—s accumulated unfunded actuarial liability for retiree health benefits stands at roughly $4.42 billion and emphasized medical inflation as the primary cost driver. Supervisors and labor representatives agreed further collaborative work on prefunding options is needed; the committee continued the item for follow-up.
Ben Rosenfield, San Francisco—s controller, told the Budget & Finance Committee on Wednesday that the city—s most recent actuarial valuation estimates an accumulated unfunded actuarial liability for retiree health benefits of about $4.42 billion for benefits earned as of the valuation date.
"This number represents the future cost of providing retiree health care benefits that have been earned as of that date by current employees and retirees," Rosenfield said. He stressed that the valuation is a long-term projection and that the city currently holds very limited prefunding assets in its trust: roughly $3.2 million, leaving a large net liability to address over…
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