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Money and Finances
Reply to "FCC and unsustainable pension plan for city employees"
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[quote=Anonymous]FCC resident here. The pension fund was under my radar until the News Press published a story about the debate on how to spend our Water Works "windfall." We're paying around thirty percent more property tax than Surrounding communities. Our schools are great but with our historic tendency to limit commercial/business development, we will soon be in a crisis trying to fund a pension plan that needs to be phased out while keeping our schools fully funded. It's not sustainable with our current strategy. We need to switch to some other method to fund this and eliminate it for all new hires. How do other cities forecasting this burden handle this? How do we follow suit? Is it reasonable to offer a buy-out to cut our future losses? Who gets pensions anymore? Is anyone on board with this? I assume if you are a city employee you would not be, so I'd like to hear from others on this issue and how we can change it before it becomes a financial crisis.[/quote]
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