SFUSD’s pension costs grew 538% since 2006 while revenue grew 123%. That’s $250M/year flowing to retirees before a single working teacher gets paid. David Crane warned the State Teachers Retirement System board in 2006 that their 8% return assumption was fantasy — the state Senate kicked him off the board. Now that gap is why SFUSD can offer teachers only 2% raises.
Feb 10, 2026 · 4 min