From from the we can spend other people’s money like there is no tomorrow department. SF Weekly News: “In fiscal year 1999-2000, the city spent about $300,000 on its retirement system. In fiscal year 2009-10, it was $200.5 million. Benefits alone — not salaries, just benefits — for current and retired employees this year are budgeted at $993 million. Spending on retirees’ health care and pensions is conservatively projected to triple within five years.”
San Francisco has 2,384 retired employees with pensions over $75,000 a year. The top annual payment is $265,000. See the Highest Pensions in S.F. Government. The city is cutting services and laying off employees to pay pensions of people many of whom don’t even live in the city. In five years the city predicts its all pension cost will exceed $500 million a year – money the city does not have.