S.F. teachers aides' pensions shorted for years
Jill Tucker/San Francisco Chronicle
An untold number of teachers aides in San Francisco were shorted their legally required allocation of pension funds over a 16-year period, a problem that could leave the school district exposed to lawsuits or a run-in with the Internal Revenue Service. The labor union representing the aides believes the pension problem could open the city's schools to up to $20 million or more in back taxes and penalties. The problem dates back to the early 1990s when the district and the union, the United Educators of San Francisco, agreed to offer teachers aides the option of leaving Social Security to join an independent retirement plan for public workers. (more…)