Jacksonville officials are touting an agreement for pension reform as “historic” and “financially sustainable.” Mayor Alvin Brown announced May 8 that the city had reached an agreement with the city unions that will save $1.1 billion over the next 30 years and save the city about $50 million it would've had to put in the pension fund in October. The agreement, which covers the Fraternal Order of Police, the Jacksonville Association of Firefighters and the Jacksonville Police & Fire Pension Fund, will modify retirement benefits for police and fire employees hired after Oct. 1. Current police and fire employees still pay into the fund and keep their current benefits. A key point states the provisions for selecting administrators to the Police Fire & Pension Fund after current administrator John Keane retires. Future administrators must have five years of pension or institutional investment experience and advanced degrees; retirement system directing experience preferred.
Read what Folio Weekly Editor Denise M. Reagan had to say about the deal here, then share your thoughts.
Are the reforms a good deal for taxpayers? How about Jacksonville's public safety employees?
We share the best responses in the print version of Folio Weekly.