Previously: Wealthy Venture Capitalists Fund Adachi’s Pension Reform
San Francisco Public Defender Jeff Adachi is set to deliver signatures to the elections department today that he says will qualify his pension reform measure for the November ballot.
With the cost of city employee retirement and health plans a growing concern, Adachi says his plan could save the city $170 million right away.
A San Francisco civil grand jury in June estimated that the costs of retiree pensions and health insurance could balloon from $413 million this year to nearly $1 billion in five years.
A ballot measure approved by San Francisco voters in June raised contributions to the pension fund by newly hired police and firefighters from 7.5 percent of their pay to 9 percent to cover the costs of their more expensive plans. Most other city employees still pay 7.5 percent.
Under Adachi’s proposal, all uniformed members of the police and fire departments would contribute 10 percent, while other city employees would contribute 9 percent.
Adachi says he has more than the needed 46,000 signatures to qualify the measure and will deliver them to the elections department at City Hall at 4 p.m. today.
