San Francisco County Grand Jury
• 2009-2010
Pension Tsunami: The Billion Dollar Bubble*
⚠️ Translation Notice: This content has been automatically translated. The original English text is the official version. Translation may contain errors.
⚠️ Este contenido ha sido traducido automáticamente. El texto original en inglés es la versión oficial. La traducción puede contener errores.
Findings and Recommendations 5 findings
F1
There are seven SFERS board
Related Recommendations (1)
R1
A legal opinion on the charter section. The City and County of San Francisco is
F2
Minutes of the SFERS board meetings
Related Recommendations (1)
R2
Documentation regarding the dates and not in compliance with the requirements of times that the City and the Police and the City Charter resulting from the passage Firefighters unions met to confer and to of Proposition H. There have been no implement a cost-sharing arrangement as "meet and confer" sessions to establish a required in the section. "cost-sharing" arrangement.
F3
A legal opinion regarding fiduciary duties of the SFERS Board to comply The City Attorney has not mandated that with it. the SFERS Board comply with these
Related Recommendations (1)
R3
A legal opinion regarding fiduciary duties of the SFERS Board to comply The City Attorney has not mandated that with it. the SFERS Board comply with these
F4
A legal opinion regarding SFERS duty requirements of the Charter Amendment to revise the Safety employee resulting from Proposition H. contribution rate to comply with the Charter section.
Related Recommendations (1)
R4
A legal opinion regarding SFERS duty requirements of the Charter Amendment to revise the Safety employee resulting from Proposition H. contribution rate to comply with the Charter section.
F5
A legal opinion regarding possible remedies to enforce compliance. C2. The unfunded pension liability for C2. The City and Safety employees should Proposition H as of July 1, 2009, was establish an arrangement to share the annual approximately $276 million41, amortized $26 million cost as required by the City over thirteen years to about $26 million Charter annually. Cheiron 7/1/2009 Actuarial Valuation Report, . Findings
Related Recommendations (1)
R5
A legal opinion regarding possible remedies to enforce compliance. C2. The unfunded pension liability for C2. The City and Safety employees should Proposition H as of July 1, 2009, was establish an arrangement to share the annual approximately $276 million41, amortized $26 million cost as required by the City over thirteen years to about $26 million Charter annually. Cheiron 7/1/2009 Actuarial Valuation Report, .
* This report's PDF did not contain easily extractable text and required Optical Character Recognition (OCR) for analysis. There may be minor errors in the extracted findings and recommendations due to OCR limitations with scanned documents.