This should be a good one....
25 AM PDT
BOARD OF SUPERVISORS' HEARING ON CIVIL GRAND JURY'S PENSION TSUNAMI REPORT
PLEASE ATTEND THE HEARING TO SPEAK OUT ON THIS ISSUE.
Government Audit and Oversight Committee City and County of San Francisco Meeting Agenda - Final
Legislative Chamber, Room 250 2:00 PM Thursday, September 16, 2010 Special Meeting
REGULAR AGENDA [2009-2010 Civil Grand Jury Report - Pension Tsunami] 100892 1. Hearing on the recently published 2009-2010 Civil Grand Jury report entitled "Pension Tsunami: The Billion Dollar Bubble." (Clerk of the Board)
SUMMARY: The San Francisco civil grand jury found that the City's pension and health care costs for city employees are jeopardizes the city's financial future and that the city has over $4 billion in unfunded health care promises made to city employees. The grand jury also found that the City had failed to enforce 2002's Proposition H, which required police and fire employees to share in the cost of an enhanced retirement pension benefits. The grand jury's findings will be presented at Thursday's hearing.
TO READ THE REPORT: http://www.sfsuperiorcourt.org/index.aspx?page=212
KEY POINTS:
1) Prop H requires police and fire employees to enter a cost sharing agreement to pay for the enhanced benefits they received, which allows them to retire at 55 with 90% of their income. Why hasn't the City enforced this provision? This is costing the City $100 million a year at a time when the City faces a $700 million deficit?
2) According to the Controller, the City's independent actuary (Mercer Consulting) and the Grand Jury, the City has over $4 billion in unfunded health care coverage that has been promised to employees. How does the City intent to pay for this? What is its plan.
3) The members of the committee are not supporting Proposition B. What plan do they have to address the City's pension burden, which will exceed $1 billion in the next few years?
4) Proposition B would require all city employees to contribute 9-10% into their pensions and contribute more towards their health care. Wouldn't Proposition B begin to address the huge pension and health care liabilities identified in the grand jury's report?
5) Why have the politicians failed to address this problem, which jeopardizes the financial stability of the city and has resulted in drastic cuts to basic city services that all residents rely upon?