Voters in Cincinnati last week soundly defeated a ballot initiative which would have overhauled the pension system for public workers, leaving the city without a plan to deal with $872 million in unfunded liabilities.
Cincinnati is not alone.
Across the nation, cities and states are finding funding for basic services being crowded out of their budgets by the rising cost of retirees' pensions and healthcare.
The Cincinnati initiative would have turned the public pension system into a 401(k) style-plan and require the city to pay off its unfunded liabilities in 10 years.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
Don't forget the Maryland Democrats pushed the pension plans over to the counties during the last session. Wait till you get your tax bill next County tax bill next year.
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