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Cranley to propose pension solution

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Cincinnati Mayor John Cranley. File photo Cincinnati Mayor John Cranley. File photo
CINCINNATI, OH (FOX19) -

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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