Due to a provision in one of the bills, if both pass, the one with the most votes becomes law, while the other is resigned to the scrap heap. Each of the bills has been identified primarily by its highest profile backers. Right now, most city workers pay 7. Up until last year, a large group of city workers such as Muni drivers and SEIU members didn't have to pay that 7.
Even though all city workers now pay their individual contributions, the amount of money the city is required to put in to keep the fund solvent has spiraled.
Both propositions effectively use the same overall strategy to shore up the pension system—requiring city employees to contribute a larger portion of their salaries into the fund.
Under Prop C, newly hired city employees would receive a less generous read: less expensive retirement package, while the rate current employees pay will no longer remain fixed at 7. Instead, it will rise and fall with the overall health of the fund.
In good times, employees pay less, and in bad times, they'll pay more. The highest amount anyone would have to pay is That way, say the bill's backers, the pension system won't go into crisis mode whenever the economy tanks, but it also won't be unduly onerous to city workers in the years when when the system is flush with cash, many of whom hadn't budgeted a penny toward their own pensions as recently as a few years ago.
Prop D, on the other hand, contains no such triggers; it creates a tiered system where the amount a city employee kicks in is increased by a given percentage based on how much money they make.
The more an employee makes, the more they're going to be asked to contribute. Prop D's nine income brackets are significantly more progressive, breaking more often and topping out at double Prop C's rate.
The pension reform measure voters defeated last year didn't solely focus on retirement plans; it also proposed a hike in the amount of money city workers were expected to contribute towards their own health benefits. This time around, Weber's team left heath care out of the picture entirely. Conversely, the backers of Prop C learned the opposite lesson from last year's defeat.
Prop C includes an increase in how much city employees pay towards their health care and changes the composition of the Health Benefit Commission in a way that will make the commission more likely to control costs, something a lot of retired city workers are unhappy about, fearing voices on the commission will become significantly diminished.
Pensionable compensation is the amount used to figure out how much someone's annual pension is worth. With prudent investment strategies and annual actuarial valuations, SFERS has sustained a history of sufficient funding levels to meet benefit obligations over many years. Log In. Funding Each year, the Retirement System conducts an actuarial valuation of its assets and liabilities in order to assess the funded status of the System and to determine appropriate levels of City contributions to the Fund for the next Fiscal Year.
The actuarial funding methods used are: Entry Age Normal Cost method Unfunded liability due to changes in active member benefits amortized as a level percentage of payroll over a closed year period, and any changes to inactive or retired member benefits amortized over a closed 5-year period Unfunded liability due to actuarial gains and losses, assumption changes and miscellaneous items amortized as a level percentage of payroll over a closed year period The Retirement System takes great pride in maintaining a level of assets necessary to meet the promise of providing benefits for its members into perpetuity.
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