Governance, benefits and a funding source.
Two of the three aspects needed for pension reform were approved Monday by a City Council committee, with another weighing in today before a possible final vote next week.
It’s not the same deal that arrived to them, though, the one that was negotiated between Mayor Alvin Brown and Police and Fire Pension Fund administrator John Keane.
The fund’s board is scheduling a meeting next week to talk about those changes, said fund board Chair Walt Bussells.
Bussells, a city appointee on the five-member board, said Monday he has been keeping up with the changes council has made to the deal. And he wants the fund’s board to move “as quickly as we can” on reviewing those changes for a vote.
The special meeting, possibly the day after council votes on the deal, would be that opportunity for the group to hash out their opinions on each change. Such as the changes to the Cost of Living Adjustments and Deferred Retirement Option Plan for current employees. Or council retaining its right to impose benefits during impasse.
Bussells said many of the changes “make good sense” to him. Others might generate more discussion among board members.
“Hopefully, at least two others will see it the same way,” he said, referring to the board’s three votes needed for approval.
As for which changes he liked and didn’t like, he said he wanted to wait until the special meeting when all the members could
talk.
“They’re all well intended,” Bussells said of the changes council made. “We’ll see which ones will have a response by three of the five (members), we’ll see where it goes.”
As an individual member, though, he said he wants to see reform happen in a way that stabilizes city finances and allows active public safety employees to begin having general increases in compensation. The latter hasn’t happened in years, he said, which combined with inflation equates to a cut in pensions for active members.
Bussells said depending on how the special meeting goes, there could be a vote on the overall package. For now, though, the purpose is to have an “open, candid” discussion about the amendments.
Before that, though, it still has a couple of more council stops. The first being this morning with the Finance Committee; the next being the full council next Tuesday.
Despite the deal in place, nothing would go into effect until that third leg — the funding source to pay down unfunded liability — is identified.
Yet, having the governance and benefits issues handled is a step in the right direction, said Rules Chair Bill Gulliford, whose committee passed that portion by a 7-0 vote Monday.
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