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Jacksonville, FL's Police and Fire Pension Fund Facing Huge Deficit
Florida Times-Union
Sept. 9, 2008
Excerpt: Mayor John Peyton said growing pension costs for the city, which paid $56.3 million into the fund this year, need to be reduced. He isn't sure how to do it, but he hopes a three-year review of the city's finances will provide help. The results will come about the time Peyton is leaving office. A recent Florida TaxWatch study said the city should change the pension to a plan that doesn't guarantee a payout, taking financial pressure off the city. But union officials, both of whom are negotiating contract renewals, say they would never agree to such a change.
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