Task Force For Pension Solvency?
A majority of Cincinnati City Council members wants to set up a task force to advise them about how best to ensure the long-term solvency of the Cincinnati Retirement System.
This task force would present to the mayor and council at least two alternatives. It would be made up of City Manager Milton Dohoney, the chairman of the retirement board, representatives of city unions and as many as six residents. The community members would be appointed by Mayor Mark Mallory after consulting with council members, according to the motion to establish the task force. The motion will be on council's agenda Wednesday.
The task force would retain an independent actuary, recommend administrative changes, changes in contribution rates and any reforms. If council approves the motion, the deadline for the recommendations would be June 1.
14 Comments:
at 10:44 AM, November 27, 2007 
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at 11:05 AM, November 27, 2007 
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at 11:20 AM, November 27, 2007 
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at 12:08 PM, November 27, 2007 
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at 3:10 PM, November 27, 2007 
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at 3:25 PM, November 27, 2007 
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at 5:05 PM, November 27, 2007 
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at 8:34 PM, November 27, 2007 
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at 11:10 PM, November 27, 2007 
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at 10:42 AM, November 28, 2007 
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at 1:43 PM, November 28, 2007 
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at 5:50 PM, November 28, 2007 
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at 10:00 PM, November 28, 2007 
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at 5:06 AM, November 30, 2007 
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Post a Comment*Retired City Employees are placing our city into a financial demise.
Check their web site out---
www.cmera.org
Mayor Task Force.
And what, pray tell, is the Pension Board supposed to do? Aren't they the fiuciaries charged with the solvency of the fund?
We know what needs to be done, what we need is a mayor and council with the backbone to do it.
$5 says Smitherman will want appointment power.
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Don't blame the retirees for fiscal irresponsibility !
The retirees have a contract !
Just because the city tapped reserves for other pet (corporate) projects, the human factor should not have a reduced standard of living !
HAD ENOUGH, VOTE DEMOCRAT 2008 !
The city employees aren't putting the City into a financial demise. The city put itself there by not keeping up with their payments into the system and by-the-way, they promised us what we get from the start of our employment.
Jane get your facts straight before you post what the Mayors office tells you to post!!
The City Manager is not the chair of the Cincinnati Retirement Board. He is in fact an ex-officio trustee, that is so all knowing that he has never bothered to attend his first Board meeting!! (Guess that’s immaterial when he gets his review by City Council for a 7% raise, which reminds me, Council how do you justify that the Police, the Fire Fighters, and all other City employees are only worth a 3% raise?? Is it because you just can’t afford any more than that… were you holding back??)
Wake up Cincinnati, a hand picked blue ribbon Board picked by the City Manager… You must be 15 years behind in your thinking to a time when we had City Managers with integrity… Wonder if he’s already had Joe Gray (Finance Director) drafted what the hand picked committee report will say… Lets see do you think the report might say, the retirees should be placed under the existing 80/20 medical plan; the retirees should antiy up with about $4,000 more indivdually or $8,000 for a couple per year (even those below the poverty level) just to save the City from haveing to contribute into the cost of the retirement benefits!!
Independent actuary, give me a break, does that means that Mercer will not get this bit of work… How does an actuary maintain any semblance of independence when the contract for the work is let by the Finance Department, and the City Manager signs the contract…
Solvency test .. this isn’t about a solvency test.. that’s already been done…. The CRS can remain solvent till 2032, if the expenditures would remain about the same and the City would not put in another dime… at least that was what Mercer reported some months ago… That’s better than most of the 5 state retirement systems!!
More fuel for the fire ... this year the city has offered a number of employees early retirement with added years (e.g. a 27 yr employee, not yet eligible to retire, would be able to retire with a pension equal to 30 years)!
How does this added strain on the pension system benefit anyone but those few individuals?
The city put itself there by not keeping up with their payments into the system and by-the-way, they promised us what we get from the start of our employment.
Um, "Defined Benefit" plans are dinosaurs; welcome to the world of "Defined Contribution" plans that most of us live with.
Get used to it.
Every pension system in the country has seen changes and benefits, particulalry in reponse to the rising cost of health care.
Not Cincinnati.
The Retirement System has saved the City millions & millions for a decade, back in the 90s, when the City didn't contribute one penny to the system. Those days are over.
Apparently, Dohoney didn't get my memo at last year's Budget hearings about the contribution ratio, because he wants to slash the percentage in 2008. On top of that, he's in line for a 12% salary increase. For what? He's another one I've yet to see produce anything measurable, other than allow the City Solicitor to fire Terry Cosgrove & refuse to meet & discuss the situation with neighborhood representatives.
For all those naysayers to the veteran pensioneers, get over yourselves. You can blame the City for their binding, irrevocable contract with those who retired prior to 1971. That's the way it is & there's plenty of case law to back it up & enforce it.
There is no contract! If so, point us to the document. Cincinnati has the most generous pension system ever. Free health care for life, 7% employee contribution rate, and 2.5% pension multiplier. Time for change is now.
The City administration was quick to raise the benefit level from 2% to 2.5% when the fund was overfunded, but it has been dragging its feet for 5 years in fixing the under-funded pension plan. Cranley caved in faster than a Chinese coal mine when the retirees started sqwauking.
Anon 5:50, deal with it already! I see you'll have go to the Retirement Office to understand the binding, irrevocable contract that made with all retirees pre-1971. If you think I'm going to put my family member's private document up here solely for you, uh, I think you are sorely disappointed. You don't want to face reality, so, do your own research.
The City isn't in a position to change the equation methods for pre-1971 retirees. They can't. Again, case law backs up the retirees.
And that paltry 17% pay in Dohoney is offering in the 2008 Budget isn't going to get it. Cranley wasn't the only one who buckled. They all went in the sink hole when the retirees & their families flooded Council Chambers. Heck, Kenny Lawson couldn't get that big of a turnout when he called for civil unrest & joke boycotts!!
Junk the no-load social services programs & the big handouts to the homeless shelters who enable criminal activity!
Anon 10:00, if true, then the retirement system's problems can be solved by changing benefits for post 1971 retirees and changing the contribution rates for current employees. Pre-1971, I bet they represent less than 5% of the plan members (post 1971 retirees and current employees). Hiding behind such a small subset of the plan members to avoid difficult decision is not exactly a profile in courage.
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