A majority affirmative vote is necessary for passage.
An Amendment to the Charter of the City of Cincinnati to Add Provisions Relative to Pension and Retirement Plans for City Employees.
Shall the Charter of the City of Cincinnati be amended to add Article XVII that would:
1. Require the City of Cincinnati to pay forecasted pension obligation shortfalls by creating sufficient new revenues, which may include new or additional taxes and fees, and/or other revenue sources, and/or by implementing sufficient cost savings, which may include cuts to city programs or services, to fund any projected shortfall of the Cincinnati Retirement System which, as determined by an independent financial audit, would result in insufficient funds being available to pay forecasted future obligations of the Cincinnati Retirement System within ten years from the date of the audit's completion;
2. Require current City employees to choose to continue to participate in a defined benefit plan with maximum allowable percentages of salary provided pursuant to retirement benefits of individual employees or enroll in a defined contribution plan under which the aggregate retirement benefits paid by the Cincinnati Retirement System may not exceed the aggregate of: a) the employee's individual contributions, which can be made at any level, b) the City of Cincinnati's contributions, which shall not exceed the employee's individual contributions, and shall not exceed nine percent; and c) the return on an investment plan to which employee and employer contributions are made. Employees may increase or decrease their retirement savings through investments.
No employee hired after the date of the Amendment shall maintain a property or contractual right to any retirement funds above and beyond those which he or she has contributed, along with the investment return earned by those funds. City Council and Voters maintain the right to reduce future benefits, as required by this Amendment or otherwise. Even the first dollar of City investments is entirely voluntary, and the City can decide at any time to end its contributions, even retroactively.
3. Provide future City employees with only the defined contribution plan described herein;
4. Provide that no past or present City employee shall be entitled to collect retirement benefits while simultaneously earning income from the City or any other political subdivision or government agency or entity;
5. Provide for a potential cost of living adjustment for beneficiaries of the Cincinnati Retirement System not to exceed the increase in the consumer price index, but which shall not exceed a simple rate of 3% per annum, which cost of living adjustment may be temporarily suspended when necessary at the discretion of the City of Cincinnati;
6. Provide for enforcement of this amendment to the extent permitted by law and further provide that any Cincinnati resident, whether injured or not, shall have the right to bring a civil or equitable action to enforce this amendment, and be entitled to have their attorneys fees and expenses paid by the City if they prevail?
SHALL THE PROPOSED CHARTER AMENDMENT BE ADOPTED?
Pass:
130025 /
80.33% Yes votes ......
31835 /
19.67% No votes
Fail:
12397 /
21.78% Yes votes ......
44527 /
78.22% No votes