A decade ago the San Francisco public pension system was known for being well-funded, winning good management awards, and going eight years with no annual payments from the city.
The distinctive feature of the San Francisco system — requiring voter approval of pension increases — was approved by voters for the San Diego pension system in 2006 and the Orange County pension system in 2008.
Last month, a Civil Grand Jury report concluded that most of the debt of the San Francisco Employees Retirement System, which has been underfunded for more than a decade, was approved by the voters who in theory are a safeguard.
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