Wednesday, July 05, 2017

San Francisco Fooled into Voting for $5.8 Billion Pension Spike - Breitbart

San Francisco Fooled into Voting for $5.8 Billion Pension Spike - Breitbart:
"A new San Francisco civil grand jury report blames $5.8 billion in unfunded county public pension liabilities on voters not realizing that they were voting for two pension spikes.
Despite being Ground Zero for social justice warrior elites, San Franciscans always assumed they would never be ravaged by unions and crony liberal politicians spiking unfunded pensions, because the city’s century-old county charter required a public vote for any enhancement of a government benefit.Image result for california unfunded pensions
But when the Governmental Accounting Standards Board (GASB) issued Statements 67 and 68, which required greater public pension liability disclosures by mid-2015, auditors calculated that the national unfunded public sector pension liability for state and local governments had jumped by almost 50 percent to $1.378 trillion. 
In a surprise to ultra-liberal San Franciscans, their unfunded pension liability spiked to $5.8 billion.
According to a finding by the grand jury’s June 2017 report: “There are several causes for the underfunding of the Retirement System, but the main underlying cause is the retroactive retirement benefit increases implemented by voter-approved propositions between 1996 and 2008.”
The grand jury documented 12 separate initiatives that were put on the ballot by San Francisco’s County Supervisors and dutifully passed by the public between 1996 and 2012 that had some type of impact on retro-active retirement benefit increases..."

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