According to this article, we are in some deep stuff with our pension plan. Jacksonville is listed among a handlful of other cities as having unsustainable city pension plans past 2020. Don't you just love unions?
http://www.cnbc.com/id/39626759
Gee Dapperdan, I wish those evil unions would quit giving themselves such a good deal. The City negotiated the contracts and over the years it has failed to meet the obligations they negotiated. So I guess that makes it the Unions' fault. Currently Police and Fire can retire after 20 years of service. I think most non-public safety workers have to serve 25 or 30 years. One of our Mayoral candidates has a city pension now that he has retired. But the real mind boggling part of the City's pension system is City Councilmembers get a pension after serving six years.
QuoteGee Dapperdan, I wish those evil unions would quit giving themselves such a good deal.
It's a two way street... pissing away the investing of their pension fund doesn't help much either.
There are several locals in town that have successfully managed their portfolio and therefore have pensions that are overfunded.
The Mayor and Council are on the Florida State Retirement system, not the local system. This allows them to claim benefits at six years including medical insurance. City employees get no such benefit.
A lot would depend on when a "study" was done. The city pension systems have recovered quite a bit from the stock market lows. The city remains behind on its payment obligation, just as it was before the meltdown of 2008.
The city has completed a study of comparative systems around the state. They haven't released it to the public though. Wonder why?