LOCAL 12 - Search Results
Changes Possible to City's Pension Fund
The City of Cincinnati will be asked this November to make changes to the city's pension fund.
On Tuesday City Council will meet in special session to draft the language for the ballot initiative.
The city's Budget and Finance Committee will meet at 11a.m. in special session followed by a meeting of the entire City Council at 2p.m. Their job is to create the language that voters will see on the November ballot regarding a Pension Fund initiative.
Despite some city leaders and council member's opposition to the plan, proponents with Cincinnati for Pension Reform collected enough signatures earlier this year to get the charter amendment on the ballot.
If approved it will allow city leaders to limit benefits for current workers and retirees and it would end the pension for future city employees. A plan similar to a 401K would replace the current pension fund.
Currently the city's pension fund has a liability of more than $800 million dollars but city leaders and council members say that this new plan could cause more financial issues.
Voters have approved similar pension changes in other cities including San Diego, San Jose, Knoxville, and Tucson.