City retirement http://wvxu.org en Cincy Council ready to support federal mediation for pension issue http://wvxu.org/post/cincy-council-ready-support-federal-mediation-pension-issue <p>Cincinnati Council is ready to endorse a process that would let a federal court mediate a solution to the city's underfunded pension problem.&nbsp; The Budget and Finance Committee voted unanimously Monday for an ordinance to make that happen. &nbsp;<br /><br />The ordinance would let the city manager negotiate a settlement agreement with various parties on a long-term solution to the pension issue.&nbsp; Right now the retirement system is only 61 percent funded and that will only get worse without some action soon. &nbsp;<br /> Mon, 17 Mar 2014 21:32:16 +0000 Jay Hanselman 24344 at http://wvxu.org Cincy Council ready to support federal mediation for pension issue Cincinnati Council to discuss pension mediation Monday http://wvxu.org/post/cincinnati-council-discuss-pension-mediation-monday <p>Cincinnati Council's Budget and Finance Committee holds a public hearing Monday on a plan to let <a href="http://city-egov.cincinnati-oh.gov/Webtop/ws/council/public/child/Blob/39563.pdf?rpp=-10&amp;m=2&amp;w=doc_no%3D%27201400313%27" target="_blank">a federal judge mediate a solution</a> to the city's pension crisis. &nbsp;<br /> Mon, 17 Mar 2014 08:00:00 +0000 Jay Hanselman 24222 at http://wvxu.org Cincinnati Council to discuss pension mediation Monday New proposal to fix Cincinnati's pension system http://wvxu.org/post/new-proposal-fix-cincinnatis-pension-system <p>A Cincinnati Council member said he had a plan to put the city's retirement system on a path of solvency.&nbsp; Christopher Smitherman introduced his motion Tuesday during a council committee meeting.</p><p>One of his proposals is to end the three percent compound cost-of-living adjustments given to most retirees each year.&nbsp; Smitherman would change that to a simple COLA tied to the consumer price index and not exceeding two percent per year.&nbsp; Those adjustments would also be suspended for three years if his plan is approved.</p> Wed, 19 Feb 2014 01:18:43 +0000 Jay Hanselman 23275 at http://wvxu.org Cincinnati pension reform votes could be coming soon http://wvxu.org/post/cincinnati-pension-reform-votes-could-be-coming-soon <p>Cincinnati Council could be voting in the next several months on proposals to stabilize the city's underfunded pension system.&nbsp; Some members said the action needs to happen soon, while others said the problem will not be remedied overnight.&nbsp;</p><p>The Budget and Finance Committee heard about the issue Tuesday.&nbsp;</p> Tue, 21 Jan 2014 22:03:24 +0000 Jay Hanselman 22104 at http://wvxu.org Council places pension charter amendment on ballot despite unanimous opposition to it http://wvxu.org/post/council-places-pension-charter-amendment-ballot-despite-unanimous-opposition-it <p>Cincinnati voters will decide in November if they<a href="http://city-egov.cincinnati-oh.gov/Webtop/ws/council/public/child/Blob/38473.pdf?rpp=-10&amp;m=2&amp;w=doc_no%3D%27201301158%27"> want to amend the charter to make changes to the city's troubled pension system</a>.&nbsp; Those could include finding a way to fully fund the current plan in ten years and requiring new employees to be in 401K style plans similar to those offered by many private employers. &nbsp;<br> Tue, 03 Sep 2013 19:05:09 +0000 Jay Hanselman 16896 at http://wvxu.org Council places pension charter amendment on ballot despite unanimous opposition to it