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Board committee hears actuarial report on pension charter amendment; supervisor offers amendments and meeting set to continue
Summary
Committee heard an actuarial report estimating $375 million in 25-year savings from a proposed pension charter amendment; Supervisor Ellspern introduced amendments (redirecting employer-cost deltas to retiree health, changing effective date, allowing trial courts to opt in, and preserving negotiability of certain employee contributions). Committee continued the item for further review and meet-and-confer with labor.
The Rules Committee on January 2010 considered a charter amendment proposed by Supervisor Sean Ellspern that would change elements of the city’s defined‑benefit retirement plan. Gary Amelio, executive director of the retirement system, presented a costing from the system’s independent actuarial firm (Chiron) that estimated a conservative savings to the city of about $375,000,000 cumulatively over the first 25 years if the proposal is adopted, and an estimated additional roughly 1% reduction in employer contribution in each subsequent year. Amelio emphasized the estimate used a static payroll base and did not assume future pay increases or staffing changes.
Empek Stevenson from the Controller’s Office…
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