San Francisco voters love their huge pension tab and massive unfunded liabilities

San Francisco has a huge $5.8 billion pension liability. A series of retroactive benefit increases approved by voters over a dozen years is mostly to blame.

Voter generosity helped contribute to an eye-popping increase in the public payroll.

The cost of city salaries and benefits, which include pensions, has grown by 33 percent over the past decade — and it’s expected to keep up that pace for at least five more years. That will add another $698 million to the public tab.

These retroactive increases were very expensive gifts to employees and retirees from taxpayers, paid for with money borrowed at a high interest rate from the retirement system, and paid back over 20 years by taxpayers.

Good luck with that.

Source: San Francisco Chronicle

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