City pension issues

I have received many calls after I was quoted in Sunday's News Journal concerning pensions.

I am looking into and considering ways that the City can adjust its pension plans to remain sustainable and viable for years to come. As I suggested in the PNJ, I will be exploring the possibility of transitioning to a 401K system for new hires. Other considerations are changing the amortization schedule, so that pension benefits are paid out over a longer term, or changing the actuarial assumption rate, or the percentage of benefits that the City assumes the market will pay.

I welcome all ideas and input. Please pass them on to me by email at ljohnson@ci.pensacola.fl.us.

It is rumored that Council will have a special workshop on pensions some time in April. I would encourage all to attend and voice your opinions on the issue.