QuoteBy David Chapman, Staff Writer
After years of meetings, proposals and roadblocks, the foundation for comprehensive pension reform has passed.
In a 4-1 vote Friday morning, the Police and Fire Pension Fund board passed the measure — the last in a long line of requirements to achieve reform. City Council passed the proposal 14-4 earlier this month.
City representatives Walt Bussells and Adam Herbert, police representative Larry Schmitt and fifth member Nat Glover voted in favor. Firefighter member Richard Tuten III was the sole "no."
Shortly after the vote, Mayor Alvin Brown signed the bill into law. It will save taxpayers $1.5 billion over 30 years.
Council will now have to decide how to pay down the pension fund's $1.62 billion unfunded liability.
Full article: http://www.jaxdailyrecord.com/showstory.php?Story_id=545662
Good first step. I give Brown a lot of credit for continuing to slug away at this deal even as his term comes to an end.
I still think all this was a pretty raw deal for the cops and firefighters. COJ underfunded the pension by relying on outsized investment returns during the stock market run-up, which naturally led to a shortfall as soon as there was a market correction. Cause' nobody saw that coming? Anyway, I'm glad the debacle is over, but I hate to see this sort of thing happening when sound (or even basic) financial planning would have avoided the manufactured "crisis" altogether.