Lenny Curry: Pension costs have 'crippled' Jacksonville – Florida Politics (blog)
Another day, another pension pratfall for the city of Jacksonville. And this latest one will have big cost impacts, perhaps expanding the $2.85 billion unfunded liability.
Jacksonville Mayor Lenny Curry is incensed about the latest cost overrun from the perpetually beleaguered Jacksonville Police and Fire Pension Fund.
“It has come to my attention,” Curry wrote in an email to senior staff Monday, that “the pension fund actuary has been using standards that seem to violate Florida law when calculating the unfunded pension liability.”
“The impact could be as much as an additional $45 million to taxpayers when calculating pension costs,” Curry wrote, going on to label this “reckless disregard for the taxpayers from the pension board.”
Tuesday, Curry gaggled with local media on the subject.
“I’m frustrated,” Curry said. “This is more nonsense coming from the pension board. It appears that the actuary has not been using the standard [established] under Florida law in calculating our pension obligation. If that’s correct, if what I’ve learned is accurate, that’s going to end up costing the city another $44 to $45 million a year in pension costs.”
“It’s outrageous … I’ve asked my general counsel to look at this. Was it intentional? Is it a mistake or was it intentional? If it was intentional, what was the purpose? Who knew it was being done in an incorrect way? Why was it being done in an incorrect way? Were they trying to conceal how bad the pension crisis really is?”
“I don’t know the answers to those questions. But at the end of the day, every time we peel the onion back on the pension fund, it continues to disrespect and cost taxpayers more money,” Curry added.
“We’ve got to get out of the pension business! That’s what I’ve been saying with pension reform.