CINCINNATI, OH (FOX19) - Council members Christopher Smitherman and Charlie Winburn have submitted a motion on Wednesday to fire all investment advisors related to the Cincinnati Pension Fund.
The fund has an annual target of 7.5 percent, but the return for 2011 was less than 1 percent resulting in a $125 million loss. They say fund managers were compensated $12 million last year even after the $125 million loss. The average salary of retired Cincinnati workers was less than $30,000.
"We are in the seventh inning of a baseball game and it is time to bring in the relief pitcher. City workers, retirees and taxpayers have trusted this investment team long enough," said Smitherman.