Times Union: Jacksonville Police and Fire Pension Fund study expected to increase city's contribution

And this comes as news to who???   They should have been making the contributions annually and now we will get lambasted this year wtih an increase and mandatory payment!  Glad we don't run our households the way this city runs the city government.  A mayor who is more worried about social programs than about the solvency of our city and a city council that is spending on discretionary projects.  You gotta love it!!

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The new data is expected to up the city's contribution into the police and fire  fund.

The Jacksonville Police and Fire Pension Fund is moving ahead with a study  pointing to how much more the city will have to chip in, despite not receiving  feedback on the project from the administration.

The study, done every five years, looks at all the assumptions that are  factored in when determining how much money the fund needs.

If retirees are living longer than expected, for example, the formula that  determines how much money has to be set aside would need to be changed, leading  to more money needing to be put into the fund.

Under the terms of an agreement between the city and pension fund, the city  must "endorse" the changes before they can be put into place.

But six months after giving the mayor's office the first part of the study,  fund Executive Director John Keane said, the fund has gotten no response.

"Time is working against us now," he said.

So far, Keane said, the study shows workers are living longer. They're also  retiring earlier and are showing a greater propensity to sign up for the  Deferred Retirement Option Program.

All of those are things that could increase the city's required contribution — but until the study is finished, no one knows by how much.

Read more at Jacksonville.com:  http://jacksonville.com/news/metro/2012-05-21/story/jacksonville-po...

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