by David Chapman
Staff Writer
One of the largest current and future budgetary issues for the City and many of its employees is about to get a closer look.
City Council President Ronnie Fussell announced Monday the appointment of a special committee to study City pension reform, with hopes that the group can create ideas to deal with the long-term fiscal health of the City’s pension plans.
“This is an issue that is of major importance not just now, but in the future,” said Fussell.
The committee is made up of five Council members who are charged with reviewing the structure, funding mechanisms and current and future obligations of the City’s general employees, correctional officers and police and fire pension plans. Fussell noted the committee will look at all of the plans instead of singling out any one in particular.
Fussell announced Council member Michael Corrigan will chair the committee, and will be able to “reach out to whoever he needs to get this done.”
Corrigan said the pension issues facing the City are of the utmost importance and that he is looking forward to trying to solve them with other committee members.
“The long term financial stability of the City depends on this,” said Corrigan, who added that the issue is on taxpayers’ minds as well and that maintaining status quo wasn’t an option.
Both Fussell and Corrigan emphasized that the committee won’t affect the collective bargaining between the City and respective pension groups, but will instead look for long term financial health and stability ideas and options.
The committee review will also consider the reasons the plan exists and its history as well its unfunded liability and obligations to current and future retirees.
One person who has been on top of the pension woes said he was very happy to see the committee being formed.
“I think this is a very positive message,” said John Keane, Police and Fire Pension Fund administrator. “It’s an important issue and the City is stepping up to address it.”
Keane will be one of several pension officials who will be called upon to provide insight into the pension process, and he noted he’s there to help with the complex but important issue.
“If they ever want any advice or suggestions from us, we’ll be happy to help,” said Keane. “We’ve got a whole bunch of them (pension ideas and suggestions).”
The committee is considered an action item, said Fussell, and will report back with its findings and possible solutions by June 1. The first meeting will take place March 17 at 3 p.m. with meetings held every two weeks thereafter.
“It’ll be a tough 90 days,” said Corrigan, referring to the committee’s timeframe.
Without the action of the committee and others, the pension problems of today could mean additional trouble tomorrow, said Fussell.
“We’ve got to make sure pension funds are viable and sustainable,” he added. “The future is real and we have to act now to make sure there is a future.”
City Pension Reform Committee Members
(Chair) Michael Corrigan, Council member
(Vice-Chair) Warren Jones, Council member
Reggie Brown, Council member
Kevin Hyde, Council member
Stephen Joost, Council member
Henry Cook, ex-Council President and former Clerk of Court, former Retired Employees Association president
John Keane, Police and Fire Pension Fund administrator
Sheila Sharp-Caulkins, Retired Employees Association President
Alan Mosley, City chief administrative officer
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