The long-running controversy over the pension woes of the city of Jacksonville, Fla. is closer to resolution. Justice Marcia Morales Howard of the U.S District Court for the Middle District of Florida said Oct. 28 that she will oversee a pension reform deal between the city and the pension fund that serves its police and firemen.
Under the agreement, in addition to the minimum amounts that Jacksonville will be putting in to the system it also will be making $350 million in extra payments over the next 13 years.
In October 2014, Florida’s First District Court of Appeal upheld a ruling that Jacksonville broke state law when it negotiated with the pension fund behind closed doors. That rendered an agreement the city and the fund had concluded void. Jacksonville Mayor Alvin Brown (D) in a Nov. 12, 2014 letter said the city would not appeal that ruling, but the fund requested a rehearing.
In December 2014, the city council had approved a pension reform plan, but the fund did not agree to it. The Jacksonville Police and Fire Pension Fund had a $1.6 billion unfunded liability by February 2015.
Under the agreement, in addition to the minimum amounts that Jacksonville will be putting in to the system it also will be making $350 million in extra payments over the next 13 years.
In October 2014, Florida’s First District Court of Appeal upheld a ruling that Jacksonville broke state law when it negotiated with the pension fund behind closed doors. That rendered an agreement the city and the fund had concluded void. Jacksonville Mayor Alvin Brown (D) in a Nov. 12, 2014 letter said the city would not appeal that ruling, but the fund requested a rehearing.
In December 2014, the city council had approved a pension reform plan, but the fund did not agree to it. The Jacksonville Police and Fire Pension Fund had a $1.6 billion unfunded liability by February 2015.
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