The Cincinnati City Council was poised to vote Tuesday on a number of changes to the city’s $2.1 billion pension system in an effort to tackle an estimated $1 billion shortfall.
The reforms would raise the retirement age, reduce future benefits, and reduce death benefits, among other changes.
Board trustees have warned that the Cincinnati Retirement System, which includes pensions and retiree health care, will be insolvent in 21 years and the health care trust will be drained by 2015 if changes are not made. The fund covers 7,500 employees.
The retirement board has also proposed that the city raise the amount current retirees contribute to their health care, but the outcome is uncertain as a retiree lawsuit challenging the city’s ability to alter health care coverage is now in Hamilton County Common Pleas Court.