Cincinnati retirement system

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.  

Cincinnati Council's Budget and Finance Committee holds a public hearing Monday on a plan to let a federal judge mediate a solution to the city's pension crisis.  

Cincinnati Council could vote next week on an ordinance that would essentially let a federal court mediate a permanent solution to fix the city's currently under-funded pension system.  

Mayor John Cranley introduced the idea Tuesday during a city hall press conference.  

One item up for negotiation could be the compound cost of living adjustments some city retirees now enjoy.  Changing that has been a thorny issue.

A Cincinnati Council member said he had a plan to put the city's retirement system on a path of solvency.  Christopher Smitherman introduced his motion Tuesday during a council committee meeting.

One of his proposals is to end the three percent compound cost-of-living adjustments given to most retirees each year.  Smitherman would change that to a simple COLA tied to the consumer price index and not exceeding two percent per year.  Those adjustments would also be suspended for three years if his plan is approved.