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SFERS director: market returns and contribution rates likely to climb through 2014
Summary
The San Francisco retirement system reported improved market values since the 2008 downturn but said actuarial liabilities remain large. Director Jay Hueish said the employer contribution rate is set at 20.71% starting July 1 and could rise to about 24% under some scenarios, though employee cost-sharing under Prop C will offset part of the city burden.
Jay Hueish, executive director of the San Francisco Employees' Retirement System, told the Budget & Finance Committee that the fund has recovered substantially from the market losses of 2008'09 and that market-value funded levels are about 83.9 percent. He described a complex picture in which actuarial smoothing, new benefit tiers and investment returns all interact.
Hueish said the…
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