SFUSD’s pension costs grew 538% since 2006 while revenue grew 123%. That $198 million annually flows to retirees—zero to working teachers, zero to classrooms. David Crane warned the State Teachers Retirement System board in 2006 their 8% return assumptions were fantasy. They kicked him off the board. Now $593 billion in statewide pension debt explains why the district can only offer 2% raises while the union demands 9%.
February 11, 2026 · 4 min read