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Committee advances ordinance updating rules for purchasing prior public service credit
Summary
The committee sent an ordinance to the full Board updating administrative-code rules that let city employees purchase prior public service credit; the ordinance includes new provisions for transfers from deferred-tax accounts and relies on actuarial normal-cost calculations.
An ordinance to amend the administrative code sections governing purchase of prior public service credit was presented to the Government Audit & Oversight Committee on Monday by Claire Murphy, executive director of the San Francisco Employees' Retirement System (SFERS). The changes would modernize long-unused purchase provisions, allow transfers of deferred-tax qualified funds…
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