Free Republic

San Francisco's public pension crisis is way worse than many thought, according a new study from Stanford professor Joe Nation. Here are some highlights from the report: * The San Francisco Employees Retirement System (SFERS), which covers most of the city's municipal workers,faces an unfunded liability of $4.4 billion on a market value basis. That's nearly $35,000 per every San Francisco household. * SFERS' reported liability is based on an optimistic 7.75% annual rate of return. If the 1990-1999 historical average rate of return - 6.2% - is used, the city's unfunded pension liability grows to $6.8 billion. * The...