The Jacksonville City Council approved the city’s long-debated reform plan last month, which increase future employees contributions to the city’s Police and Fire Pension Fund, as well as boost the city’s payments by $40 million annually.
But now the proposal is awaiting approval from the Police and Fire Pension Fund, and one big question remains: how will the city pay for its higher payments? From News4Jax.com:
The Police and Fire Pension Fund met Monday to look at the city’s proposal to deal with the $1.7 billion pension deficit and the members are stuck on a major issue: how the city will pay for it.
The Jacksonville City Council approved a plan without designating a funding source and gave the pension board a little more than a month to approve or reject it.
The pension board is debating several issues again, including whether new members should carry the brunt of reform.
Under the plan approved by the council, future police and firefighters would undergo significant changes in the way their retirement is funded. They would pay more and the city would pay more into the retirement fund to bring it in line.
The pension board previously agreed to those changes in the plan, but now it might change its stance.
The board will reportedly meet again on Jan. 5 to vote on the reform measure.
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