Our Pension Fund is at Risk
Our pension fund is at risk.
This time it’s not from outside interests seeking to weaken public sector pension. The threat to the Pension Fund is internal. That’s why unions and retirees across the city have joined together to support a candidate who we can trust to be a strong leader and improve the health of the pension fund. That candidate is Al Casciato.
The incumbent, Herb Meiberger, has been a huge barrier to better investment returns. He has alienated money managers, staff, and fellow Board members. These antics have had a real effect: the pension fund lost 1.5 billion dollars last year. Not only does this impact members’ future retirement, but city workers feel the effect in their paychecks. Active city workers have a pension contribution rate that floats. It went down 1% this year, but is projected to go back up because of the poor performance of the fund.
Al Casciato is a former President and Vice President of the Retirement Board who came out of retirement to run at the request of city workers. His reputation as a smart, steady advocate for a healthy pension fund is unsurpassed. Under Al’s tenure, the fund grew from 6 billion to 18 billion dollars. He is running to restore sound management practices and ensure a solid return on investments in the future.
Here is the letter to Mr. Meiberger from city unions, asking him to step down. Mr. Meiberger has refused and is launching his own reelection campaign. Since then, Local 21 and almost all other city employee unions have joined with the retiree organization, Protect Our Benefits (POB) to endorse former Retiree Board President Al Casciato for the San Francisco Retirement Board. It’s time for city workers to take a stand: our pension fund cannot be dependent on the ego of one man. Our families and our futures depend on this fund!
Look for ballots in the mail on December 19. It’s easy to vote, and the returns will be worth it!