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August 20th, 2013 By German Lopez | News | Posted In: News, City Council, Pensions

Pension Amendment Has No Council Support

Tea party-backed reform would privatize Cincinnati’s pension system

tea party pensionsIllustration: Rebecca Sylvester

Councilman Chris Smitherman told CityBeat he doesn’t support the pension amendment that will appear on the ballot this November, which means no council member approves of the controversial proposal.

The amendment would privatize Cincinnati’s pension system so future city employees — excluding police and fire personnel, who are under a separate system — contribute to and manage individual 401k-style accounts. Currently, the city pools pension contributions and manages the investments through an independent board.

City officials and unions claim the amendment will cost the city more and hurt retirement gains for public employees.

Tea party groups say the amendment is necessary to address the city’s growing pension costs, including an $862 million unfunded liability.

“I do not support the amendment. I have introduced several solutions that have been ignored by council and your paper,” Smitherman wrote in an email.

The other eight members of City Council seven Democrats and one Republican — on Aug. 7 approved a resolution that condemned the tea party amendment. But Smitherman, an Independent, wasn’t present at the meeting.

CityBeat covered the amendment and the groups that could be behind it in further detail here.

 
 
 
 
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