Jacksonville Mayor Alvin Brown joined the heads of the Police and Fire unions on Wednesday to announce they have reached a deal on pension reform.
Mayor Brown says the deal, which still needs to be approved by the City Council, will save more than $1 billion over 30 years.
Under the agreement, new fire and police employee hires will have to wait longer to retire, have a cap on yearly benefits and contribute more of their salary to the retirement plan.
"This agreement is a product of partnership between the City and public safety professionals," said Brown. "Together, we have achieved retirement reform that will help ensure financial sustainability for both taxpayers and employees."
City Councilman John Crescimbeni says he wants to fully vet the deal, but since all parties are on board it will likely be approved.
Firefighters Union President Randy Wyse says the deal will give his members stability in knowing what benefits they will have upon retirement.