March 21 (Bloomberg) — A civic task force recommends that Jacksonville raise taxes to meet soaring retirement costs that have left a pension fund in Florida's most populous city with 39 percent of what it needs to cover promised benefits.
The city of 836,500 in northeast Florida should also reduce benefits offered to new employees and change current employee benefits, the panel named by Mayor Alvin Brown said yesterday in a report.
Jacksonville, the 12th biggest U.S. city by population, ranks behind only Chicago and Philadelphia among the 25 largest cities in pension underfunding, Morningstar Inc. said in November. Municipal pensions across the U.S. face at least $1 trillion in deficits, according to the Nelson A. Rockefeller Institute of Government in Albany, New York.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
