A fight over dueling pension measures boils down to savings, which remain a moving target.
A new analysis released Tuesday by the City Controller’s Office shows Mayor Ed Lee’s pension measure could save The City about $50 million in fiscal year 2012-13 and between $90 million and $150 million annually through fiscal year 2021-22.
The analysis comes as the Board of Supervisors Rules Committee sent the measure Tuesday morning to the full board for a vote at the earliest on July 12. Supervisor Sean Elsbernd said the board would most likely make some amendments then and take the first vote on July 19.
The board, he said, would amend the measure with “only changes that are going to increase the savings.”
Public Defender Jeff Adachi continues to collect signatures to place his own pension measure on the same Nov. 8 ballot.
“The current so-called consensus plan falls far short of the savings that our city needs,” Adachi told the board’s Rules Committee last week.
A detailed analysis of Adachi’s measure has not yet been completed by the City Controller’s Office. Preliminary financial analysis previously released examined the pension rates in both proposals. Adachi said that analysis shows his proposal generates $50 million more a year in savings during the next decade.
Adachi’s measure imposes fluctuating pension contribution rates that increase higher than those rates in Lee’s measure when The City’s contributions go up.
Supporters of Lee’s measure have wanted Adachi to drop his measure. They are worried about Adachi's plan passing if there are dueling measures, and also about legal fights that are expected should Adachi’s measure prevail.
Lee’s measure was developed with a working group of labor leaders and was unveiled in May as the “consensus” measure.
Some groups remained critical of Lee's measure. City government retirees blasted certain provisions in the proposal during Tuesday’s hearing, including one about changing the governance of the Health Service System. The seven-member board that governs the system would have four appointed members, not just three, and health-care plans could be adopted with a simple majority, not the current two-thirds.
The effort to reduce pension costs come as The City’s pension bill could balloon to about $800 million in 2014.
New savings analysis released Tuesday on Mayor Ed Lee’s proposed pension measure for the Nov. 8 ballot. The measure will be heard by the Board of Supervisors on July 12.
$50M: Savings in FY2012-13
$90M-$150M: Savings annually FY2013-14 through FY2021-22
How savings are generated:
Source: City Controller’s Office