Voters in Cincinnati last week soundly defeated a ballot initiative
which would have overhauled the pension system for public workers,
leaving the city without a plan to deal with $872 million in unfunded
liabilities.
Cincinnati is not alone.
Across the nation, cities and states are finding funding for basic
services being crowded out of their budgets by the rising cost of
retirees' pensions and healthcare.
The Cincinnati initiative would have turned the public pension system
into a 401(k) style-plan and require the city to pay off its unfunded
liabilities in 10 years.
It failed 78 percent to 22 percent, an example of the opposition that
cities face when trying to tackle the politically sensitive issue of
funding retirees' benefits.
Read more............
http://www.newsmax.com/Newsfront/city-pension-shortfall-underfunded/2013/11/11/id/536027
No comments:
Post a Comment