The City’s pension costs will increase by tens of millions of dollars next fiscal year to offset investment losses.
That doesn’t come as a surprise to Mayor Ed Lee, said spokesman Francis Tsang, adding that increased pension costs also are expected in the subsequent year. Read More
Two bond insurers have challenged Stockton’s eligibility for bankruptcy, arguing that the city can cut pension benefits — a move that could have profound implications for the entire state.The court filings set a roadmap for a battle, in or out of bankruptcy court, in which Wall Street takes on the largest public U.S. pension fund, the California Public Employees’ Retirement System, as troubled cities and counties watch closely. Read More
Ten days after being sworn in as interim mayor, Ed Lee said he will push to draw down pension costs “to stop the bleeding.”Last week, The City learned pension costs were increasing next fiscal year by $20 million more than anticipated, for a total of $375 million — a $100 million increase from San Francisco’s pension contribution this fiscal year. Read More