That said, we are slated to run $644 million deficits in five years! https://www.sfchronicle.com/bayarea/article/SF-taking-steps-to-avoid-projected-future-budget-13509714.php …
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But hey, at least we aren't Oakland (left) or San Jose (right), which still doesn't have the same headcount or staffing levels that it did from almost 20 years ago because of pension liabilities. https://sanjosespotlight.com/san-jose-pension-plans-unfunded-liability-expected-to-soar/ …pic.twitter.com/69lv7f7buZ
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My understanding is that while SFERS isn't in as bad shape as other pension funds, it's still underfunded by a decent margin? So theoretically while there's a surplus, it could easily be used up if SFERS was 100% funded, like it was prior the recession?
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we have $4-5B in unfunded liabilities and then another $5 in unfunded healthcare liabilities or OPEB, but we're not in as bad shape as literally everywhere else.
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Oh I think I can’t see the replies.
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It’s really too bad we can’t just provide people with free, high quality housing in the communities they work in while they work there instead of, you know, retirement payments we never fully fund and/or cannot afford.
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