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Brief | Trouble Brewing in San Francisco

Released: 10/6/2010

Author(s): Stuart Buck

The city of San Francisco will face enormous budgetary pressures from the growing deficits in public pensions, both at a state and local level. In this policy brief, I estimate that San Francisco faces an aggregate $22.4 billion liability for pensions and retiree health benefits that are underfunded – including $14.1 billion for the city pension system and retiree health benefits, and an estimated $8.3 billion share of unfunded liabilities for California state retiree benefits. These estimates are made by correcting the state and local pension plans’ figures, which use a too-optimistic assumption that their investments will grow by about 8% per year for the indefinite future.

 

 

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