City manager Troy Schulte presented an update of the highly-debated pension reform proposal to the finance committee Wednesday.
The proposal comes as Schulte says the fund faces unprecedented asset loss, long-term instability, credit issues and much public scrutiny.
Among possible changes, the overall theme is shared sacrifice. Active employees would increase their contributions to the pension fund while new employees would get less generous benefits.
There would be no guaranteed cost-of-living adjustments and the city sacrifice comes with its actuary-recommended payments known as ARC. The city would have to pay there ARC payments regardless if it is more than budgeted for the current year.
"If we keep doing what we're doing for the next 30 years, we won't be able to meet our obligations," the city finance director said.
A pension fund reform plan must be in place by May 1, 2013. Finance committee chair Jan Marcason wants to see a plan ready on which her committee could vote in the next few weeks.
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The British government's emergency committee met Thursday after two attackers butchered a man in a daylight attack in London that raised fears terrorism had returned to the capital.