The net pension liability was $5B last year (after a good stock year) and under an assumption that the pension fund can return 7.5%, which few in the private sector would think is reasonable. https://mysfers.org/wp-content/uploads/2018/04/SFERS_AnnualReportwCover_FY17_Website.pdf …
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California cities can’t renege on their obligations if the fund doesn’t return as much bc of “California Rule,” so they otherwise have to cannibalize their annual spending to pay the difference. You could raise taxes to drive employers away, but you’d be risking
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