Twelve years ago our Board of Supervisors made the horrible decision to increase pensions by approximately 50% back to the date people were hired and as a result we now have a billion dollars in unfunded pension liabilities and pension bond debt that will cost taxpayers $233,000 per day for the next 20 years. That is money that is no longer available to fix our roads, maintain our parks, keep libraries open and take care of our most vulnerable citizens, including seniors, children, and our homeless.
It is also important for our valued employees to have a pension they can count on. Right now, the retiree pension and healthcare plans are only 60% funded. That means there is only 60 cents available for every dollar in benefits already earned.
Pension reform is a difficult task, but it must be done. As your Supervisor I will do everything in my power to create a system that is affordable to taxpayers, while providing our valued employees with retirement security.