city pension

Cincinnati council members spent nearly four hours Tuesday questioning the fund managers and the actuary for the city's pension system.

Some are worried about the fees those managers are charging in relationship to the city's returns on its investments.  Council also wants to make sure those managers are making smart decisions based on current market conditions.  

Jay Hanselman

Cincinnati Mayor John Cranley is holding a press briefing Wednesday afternoon  to highlight his first year in office.

In advance of meeting with reporters, the Mayor's office released a three-and-a-half page document that list highlights during Cranley's first year.  He took office on December 1, 2013.

Some of those highlights include a balanced budget, thousands of jobs and more cops on the street.

Jay Hanselman

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.  

Jay Hanselman

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.

Cincinnati Council could be voting in the next several months on proposals to stabilize the city's underfunded pension system.  Some members said the action needs to happen soon, while others said the problem will not be remedied overnight. 

The Budget and Finance Committee heard about the issue Tuesday. 

Jay Hanselman

Cincinnati voters will decide in November if they want to amend the charter to make changes to the city's troubled pension system.  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.  

A Cincinnati Council Committee will likely vote Tuesday to place a charter amendment on the November ballot that would change the city's retirement.  

The committee doesn't have a choice since the group behind the effort collected enough valid signatures to get the issue before voters.  

A group that wants to change the pension system for city of Cincinnati employees has enough valid signatures to place a charter amendment on the November ballot, according to the Hamilton County Board of Elections.

The group, Cincinnati Pension Reform, turned in 16,116 signatures and 9,726 turned out to be valid signatures of Cincinnati voters. They needed 7,443 to make the ballot.

The group paid nearly $70,000 to a California firm that specializes in putting paid petition circulators on the ground in Cincinnati and gathered the signatures within a few weeks.

The draft of a letter Ohio Auditor Dave Yost apparently plans to send to Cincinnati city officials says that they should consider using the "bulk" of the $92 million in up-front money from the parking lease agreement to help bolster the city's troubled pension system.

City council recently received a report saying the unfunded liability of the pension system had grown by another $133 million last year.