Posted on July 5, 2017


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.”


“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.
The grand jury found that 10 ballot initiatives had a “Voter Information Pamphlet” that did not adequately inform voters of what they were voting on. Two of those voter-approved initiatives involved “significant” retroactive pension increases amounting to $3.5B. …
The grand jury referred to the spiking liability as a “Pension Tsunami.” It specifically found that between 1996 and 2008, “the Mayor, Board of Supervisors, Retirement Board, and Controller did not fulfill their responsibility to watch out for the interests of the City and its residents.””

WSJ posted a story yesterday about police quitting after their pensions were robbed to fund street repairs…

Wisconsin resolved these problems, nobody was watching?

Obama democracy, no voters needed.


Breitbart: San Francisco Fooled into Voting for $5.8 Billion Pension Spike
WSJ: Ill-funded Police Pensions Put Cities in a Bind

Posted in: News, Politics