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.