May 16, 2011

Pension money showdown looming

A showdown over a proposed grab of excess pension cash could come as soon as May 24.
City councilors are considering whether to snatch surplus pension money from the trust funds that cover police and firefighters pensions in order cover the tab for public safety retirees’ health care costs.
The city comptroller’s office has estimated the move would save $1.1 million in the coming fiscal year, which starts July 1.
Finance officials said the only way to freeze property taxes this year is to tap the surplus money.  Click here for the story.

Copyright 2011. All rights reserved. Contact Steve Collins at

1 comment:

Tim Gamache said...

According to your piece Steve,any amount exceeding 125% of the fund can be moved without consent or vote by the pensioners.Have you ascertained exactly how much money we're talking about here? I still have to say I have some real reservations about the City Council having the authority to move pension funds without the pensioners themselves having some say as to wether funds can be moved and/or how they're moved."Slipprey Slope!"