Cincinnati voters, going against a rising tide of pension reform across the country, this week soundly rejected major changes to the city's public retirement system, which is facing unfunded liabilities of $870 million.

Nearly four-fifths percent of voters (78 percent) said no to the initiative that won a spot on the ballot when the Cincinnati for Pension Reform Committee, a private group with ties to the Tea party, collected the required number of signatures on petitions.

The entire City Council and both candidates for mayor went on record against the measure, which would have mandated that the city eliminate the funding gap within a decade.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.