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Committee advances charter amendment to prefund retiree health benefits, citing $4.4 billion liability
Summary
The Special Rules Committee voted to forward a charter amendment that would move San Francisco from pay-as-you-go retiree health funding to a prefunded trust model intended to eliminate a reported $4.4 billion liability over about 30 years; supporters said it protects benefits without new employee costs while some retirees urged added withdrawal safeguards.
Supervisor Daryl Farrell, who sponsored the measure, told the Special Rules Committee that his charter amendment would move the City and County of San Francisco from a pay-as-you-go model to a fully prefunded retiree healthcare trust, with the stated goal of eliminating about $4,400,000,000 in unfunded retiree healthcare liabilities over roughly 30 years. "We're not requiring any additional contributions from employees," Farrell said, and he repeated that the proposal would not reduce retiree benefits.
Public commenters representing labor and retiree groups largely supported the measure but urged safeguards. Rebecca Rhine of the Municipal Executives Association said the proposal represents…
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