New Retirement Board Member Ready to Be the Voice of City Workers on the Board

Pension Contributions set to rise 1% this year

Al Casciato’s swearing-in ceremony took place at the IFPTE Local 21 main office on March 7, witnessed by his family and 65 people from the coalition that supported him during the election.

“A big thank you to all who worked so diligently on the campaign. I’m ready to do the work that I was elected for- getting our investment returns up, increasing transparency, and being a voice for City workers,” said Mr. Casciato.

The swearing in ceremony came shortly after the City and County of San Francisco Employees’ Retirement System (SFERS) announced that it was raising the pension contribution rates by 1% per the cost-sharing provisions of 2011’s Prop C. Effective July 1, 2017, Local 21 members will see an additional percent from their paychecks contributed to their pensions.

The low pension investment returns over the past couple of years was a major issue during the Retirement Board election, and a big reason that 12 city unions and 2 retiree groups united to support Al Casciato. Mr. Casciato’s reputation, experience, and ability to work well with key stakeholders is exactly what is needed to help safeguard our retirements and lower contribution rates.

You can view the photos here.