Post by Logan on Jun 29, 2016 2:22:37 GMT -6
Lincoln City Council OKs pension fund merger, saving $4 million next year
The city got a $4 million budget reprieve with Monday’s council decision to merge two police, firefighter pension fund accounts.
Despite union objections, the City Council voted 6-0 to merge what is called the 13th check fund into the primary pension fund. However, several council members pointed out other changes will be necessary to reduce taxpayer costs.
The merging on paper of the two funds allows the actuarial company handling the pension fund estimates to reduce the city’s liability for next fiscal year from about $12 million to $8 million, with an estimated $208 million savings over 30 years.
"This is really a first step," said Councilman Jon Camp. "We have serious negotiations ahead of us to make sure this plan is viable."
Read more: journalstar.com/news/local/govt-and-politics/city-council-oks-pension-fund-merger-saving-million-next-year/article_82ce1201-7fb6-5e67-a7c6-7a40b246171a.html
The city got a $4 million budget reprieve with Monday’s council decision to merge two police, firefighter pension fund accounts.
Despite union objections, the City Council voted 6-0 to merge what is called the 13th check fund into the primary pension fund. However, several council members pointed out other changes will be necessary to reduce taxpayer costs.
The merging on paper of the two funds allows the actuarial company handling the pension fund estimates to reduce the city’s liability for next fiscal year from about $12 million to $8 million, with an estimated $208 million savings over 30 years.
"This is really a first step," said Councilman Jon Camp. "We have serious negotiations ahead of us to make sure this plan is viable."
Read more: journalstar.com/news/local/govt-and-politics/city-council-oks-pension-fund-merger-saving-million-next-year/article_82ce1201-7fb6-5e67-a7c6-7a40b246171a.html