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.
Update 6/5/2013 at 10:20 am: Documents received from the city show the pension system's unfunded actuarial accrued liability as of 12/31/2012 was $862,122,656. That compares with the unfunded actuarial accrued liability as of 12/31/2011 of $728,428,380. That means the unfunded balance increased by more than $133 million during that time.