The board of Jacksonville’s Police and Fire Pension Fund will vote Monday on a pension reform measure that would improve its funding status but also affect member benefits.
The measure was passed by the City Council in early December. More from the Jacksonville Business Journal:
The final status of the pension reform package, which calls for a mix of surging money into the pension fund and cutting benefits, rests with the board, who can either reject it altogether, elect to modify it or accept it.
Rejecting it would kill the legislation, while modifying it would mean that City Council would have to agree to changes proposed by the board.
The city’s latest estimates of the savings the pension reform legislation could bring come to about $1.33 billion over 30 years.
The legislation’s approval, however, will mean nothing unless the city decides how to pay off the $1.6 billion in debt it already owes the pension fund. Some of the suggestions by the city include infusing $300 million to the fund by increasing its and JEA’s annual contribution to the pension fund.
Pension360 will track the outcome of the vote.
Photo by pshab via Flickr CC License