From well-funded pensions to basket case, San Francisco’s voters are to blame

For years, pension reformers pointed to the irony that big-spending, liberal San Francisco ran one of the best-funded major pension systems in the state. But that’s history. A civil grand jury in June released a troubling report about the current dire condition of the city’s pension fund. Because of the staggering pension liability, San Francisco will need to increase contributions to its retirement system by 36 percent over the next five years – five times faster than its projected increase in revenues. The top officials who’ve overseen the slide? Many of them just received big raises.

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