pensions

Pew Charitable Trusts

At a meeting next Monday morning, the Jacksonville Retirement Reform Task Force will welcome the analysis of researchers from the Pew Charitable Trusts of the state of the city’s pension system.

In July, the Jacksonville City Council rejected a pension reform plan proposed by Mayor Alvin Brown.

A group of prominent local business leaders is urging the city to borrow up to $1 billion and put that money into the Jacksonville Police and Fire Pension Fund as a way to solve the city’s pension crisis.

The Jacksonville Civic Council says that would make it easier to pay pension benefits over the long term.

This strategy would almost certainly require a tax increase, but the members of the council say tough and painful choices must be made to dig out of the pension hole and put the city on a firm financial footing.

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