Cincinnati Council is ready to endorse a process that would let a federal court mediate a solution to the city's underfunded pension problem. The Budget and Finance Committee voted unanimously Monday for an ordinance to make that happen.
The ordinance would let the city manager negotiate a settlement agreement with various parties on a long-term solution to the pension issue. Right now the retirement system is only 61 percent funded and that will only get worse without some action soon.
Cincinnati Council could be voting in the next several months on proposals to stabilize the city's underfunded pension system. Some members said the action needs to happen soon, while others said the problem will not be remedied overnight.
The Budget and Finance Committee heard about the issue Tuesday.