Cincinnati Mayor John Cranley to propose pension solution - Toledo News Now, News, Weather, Sports, Toledo, OH

Cranley to propose pension solution

Cincinnati Mayor John Cranley. File photo Cincinnati Mayor John Cranley. File photo

Cincinnati Mayor John Cranley will announce Tuesday afternoon a plan to deal with the city's unfunded pensions.

Cranley wants City Council to allow the city manager to negotiate an agreement that could involve a change in benefits, according to a proposed ordinance. 

Among some of the provisions in the proposed ordinance the city manager would negotiate: 

*Eliminate the compound cost-of-living allowance and replacing it with a simple cost-of-living allowance not to exceed 3 percent

* A prospective suspension of cost-of-living allowance adjustments for a period not to exceed five years.

"With the city facing a downgrade of its credit rating, a $22 million budget deficit and the possibility of being placed under 'fiscal caution' by State Auditor David Yost, it is imperative that city act immediately to put the pension on a path to being 100 percent funded," Cranley's office said in a statement.

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