The City of Cincinnati has reached a deal with the unions of current employees and with retirees over the pension fund. Unfunded liability in that account had been estimated at $862 million, according to a release from the city. But now, Mayor John Cranley says the settlement reached late Tuesday night will mean the pension system will be fully funded.
Cincinnati Mayor John Cranley has now selected a firm to lead the search for the next city manager. He said during his weekly press briefing Thursday he met with about seven companies before hiring California-based Ralph Anderson and Associates.
He said a representative of the search firm will be in town next week to meet with city council members.
“And help build out a profile for the search,” Cranley said. “He intends to be out there pounding the pavement looking for candidates at the end of next week or the week after.”
Cincinnati Council is ready to endorse a process that would let a federal court mediate a solution to the city's underfunded pension problem. The Budget and Finance Committee voted unanimously Monday for an ordinance to make that happen.
The ordinance would let the city manager negotiate a settlement agreement with various parties on a long-term solution to the pension issue. Right now the retirement system is only 61 percent funded and that will only get worse without some action soon.