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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
