The board is scheduled to discuss its options regarding Proposition B this Friday.
The actuary, Gene Kalwarski, estimates the city will need to pay out $11.84 billion in pension benefits and that the value of the pension system’s investments and other assets is $9 billion — leaving the $2.84 billion gap. But Kalwarski said the primary driver of the higher payments was larger-than-expected pay raises and an increase in the number of employees eligible for pensions.
Labor deals struck last spring give most city workers raises between 4.5 percent and 5 percent this fiscal year — substantially larger than the 3.05 percent per year Kalwarski projects for each city worker.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer: