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Controller and system directors warn pension, health costs will push city employer contributions higher
Summary
City Controller Ben Rosenfield and retirement and health system directors told the Budget & Finance Committee projected employer pension and health costs will rise sharply over the next several years, driven by 2008 market losses, actuarial smoothing and ongoing medical inflation; short‑term spikes are expected even under optimistic investment scenarios.
City Controller Ben Rosenfield told the Budget and Finance Committee that the city faces a near‑term increase in employer costs for pensions and health benefits, driven largely by losses in the pension fund and continued medical inflation.
"The San Francisco Employee Retirement System is healthier than most, if not, approaching all of our peers in California," Rosenfield said, while cautioning that the city is nevertheless in the midst of a "fairly rapid ramp" in projected benefit costs over the next three to five years. He said combined pension and health costs grew roughly 9% annually during the prior decade, outpacing CPI and likely…
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