March 21 (Bloomberg) — A civic task force recommends that Jacksonville raise taxes to meet soaring retirement costs that have left a pension fund in Florida's most populous city with 39 percent of what it needs to cover promised benefits.
The city of 836,500 in northeast Florida should also reduce benefits offered to new employees and change current employee benefits, the panel named by Mayor Alvin Brown said yesterday in a report.
Jacksonville, the 12th biggest U.S. city by population, ranks behind only Chicago and Philadelphia among the 25 largest cities in pension underfunding, Morningstar Inc. said in November. Municipal pensions across the U.S. face at least $1 trillion in deficits, according to the Nelson A. Rockefeller Institute of Government in Albany, New York.
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