Controller Confirms Amendment to Pension 'Reform' Plan Would *Cost* City Millions

We've written a bit about Supervisor Sean Elsbernd's proposed Charter Amendment, which would save the city a modest bundle by altering San Francisco's pension system.

We couldn't help but notice, however, that an amendment Supervisor Eric Mar last week attempted to attach to Elsbernd's bill at the behest of the SEIU would ostensibly cost the city more money in both the short- and long-term — hardly the ideal outcome for a pension “reform” measure.

While Mar claimed his amendment wouldn't cost the city money, Elsbernd vociferously disagreed — and now the city controller's office has weighed in, too. They agree with Elsbernd.

“Our report isn't out yet, we're waiting for the actuary. But I'm quite confident [Supervisor Mar's] amendment is going to cost the city money,” said Deputy City Controller Monique Zmuda. Without the report being finalized — which it ought to be by next week's full Board of Supervisors meeting — Zmuda was hesitant to even ballpark how much money the city would be losing. But she did note it was “millions, definitely millions. It's definitely going to cost money.” Eslbernd said it could cost the city an additional $10 million a year.

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