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Grand jury warns of "pension tsunami" as supervisors hear department rebuttals; committee forwards resolution to full board
Summary
The Government Audit & Oversight Committee heard the San Francisco Civil Grand Jury's "Pension Tsunami" report, received responses from retirement, budget and personnel officials disputing worst-case projections, and moved to file the report and forward a draft resolution responding to the presiding judge.
The Government Audit & Oversight Committee of the San Francisco Board of Supervisors on [date not specified] heard a civil grand jury report titled "Pension Tsunami, the Billion Dollar Bubble," listened to department responses and public comment, and directed staff to incorporate testimony into a Board response and forward a resolution to the full Board.
Leslie Couch, foreperson of the 02/2010 San Francisco Civil Grand Jury, introduced the report and Craig Weber, chair of the grand jury committee, said the panel's investigation identified growing pension and retiree health liabilities and summarized the report's "10 inconvenient truths." "Please obtain the report and read it," Weber told the committee.
Department representatives framed the financial picture differently. Gary Amelio and retirement-system staff said the…
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