In a pension-related version of Martin Luther nailing 95 theses to the door of Wittenberg Cathedral, Jeff Adachi took to the steps of City Hall today. But, since this is a pension-related matter, you can substitute the theses with hundreds of millions in pension obligations.
Adachi's move portends yet another pension-related bloodbath in November's election. And it outraged some of the key movers and shakers behind Mayor Ed Lee's more modest pension plan.
At issue is, in Adachi's words, a 4 percent raise awarded to police officers “in exchange for their agreement to contribute 3 percent more into their pensions.” This, he says, will cost the city millions in the long run.
City controller Ben Rosenfield acknowledged that this was not a “cost-neutral” provision. But that raise was part of a massive police pay hike approved by then-Mayor Gavin Newsom in 2007. It was something the cops were due, regardless — and, you could argue, managing to finagle a 3 percent boost in pension payments actually reduces anticipated burdens.
