By Cindy Barks
The Daily Courier
A fear that rising employee retirement costs are putting the community “in harm’s way” has the Prescott City Council pushing for pension reform.
With the news that the city’s contribution to state retirement systems would increase by about $540,000 in the next fiscal year – on top of last year’s $400,000 increase – the council approved a state legislative agenda this week that pushes for state action to achieve “appropriately funded public employee retirement systems.”
Although they did not get specific about what those reforms should include, officials say the escalating costs for employee retirement systems are taking too big a bite out of the city’s budget.
“Every time we get a bill like this in the mail, that is $540,000 on our bottom line,” Councilman Steve Blair said. “These types of things put a community in harm’s way.”
Central to the issue are the increasing percentages that the city is required to pay toward the state retirement systems for public safety employees.
Continued: http://www.prescottaz.com/main.asp?SectionID=1&SubSectionID=1086&ArticleID=114864
