CINCINNATI, OH (FOX19) - Cincinnati City Council approved an ordinance Wednesday night to approve multiple changes to the city's retirement system.
Recommendations made to the city council included:
- Decreasing the cost of living adjustment (COLA) from 3 percent to 2 percent
- Review pension benefits being paid to retirees and beneficiaries to determine what changes may be made to those benefits
- Change average salary used in benefit calculations from a consecutive three year average to a highest consecutive five year average
- Reduce rate of pension accrual from 2.5 percent of pay to 2.2 percent of pay. The first 30 years of service will accrue at 2.2 percent; years beyond 30 will accrue at 2 percent rate of pay
- Increase retirement age to age 60 for 30 years of service and 65 for five years of service for pre-2010 hires and 62 for 30 years of service and 67 for five years of service for post-2010 hires
- Eliminate survivor death benefits and attendant health care coverage.
- Eliminate the $7,500 death benefit for employees
These recommendations were made to the Budget and Finance Committee, who voted 4-4 on Tuesday to pass the recommendations. On Wednesday, Leslie Ghiz returned from an absence to pass the vote.