San Francisco voters will get another chance to weigh in on reforming the city’s pension and retiree medical benefit costs.
San Francisco public defender Jeff Adachi, a pension reform advocate, filed a ballot measure meant to rein in pension and retiree health care benefits costs with the department of elections on Monday.
Adachi filed three versions of the measures, all of which require city workers to contribute more to pension and retirement health care benefit costs.
The new measure is Adachi’s second attempt following a failed proposition last November that would have required city workers to contribute more to pension and benefit costs.
San Francisco’s unfunded pension and retiree health care liabilities have ballooned to around $6 billion, according to a recent report prepared by Stanford academic and former California Assembly member Joe Nation.
The report said city pension and retiree health costs will increase from $514 million in the current fiscal year to $1 billion by 2016, which will exceed current combined spending for all public safety departments.
A venture capitalist in favor of curbing the costs, and also linked to Adachi, paid Nation to prepare the report.
The report said the San Francisco Employees’ Retirement System unfunded liabilities are $1.5 billion on an actuarial basis and $4.47 billion on a market-value basis.