Mayor Chris Beutler and Councilman Trent Fellers announced a six-member committee to review the police and fire pension fund.
The committee will examine the pension fund’s continued sustainability in order to protect the interests of the public safety personnel who depend on the pension and the taxpayers who contribute to the fund, Beutler said.
The national recession and stock market crash of 2008 created a deficit in the plan’s funding that has required increasing annual payments from the city, Beutler said.
When Beutler took office in 2007, the actuary that reviews the plan recommended a payment of $4 million a year. This year the amount is more than $9 million, and the recent stock market activity will likely mean the annual obligation will continue to rise, Beutler said.
Fellers suggested forming a committee with expertise in pensions to look at all issues with the defined benefit plan.
Police and firefighters are guaranteed a monthly retirement income based primarily on their years of service and near-retirement wages.
The committee will be chaired by Richard Evnen, the former CEO of Lincoln Poultry who is active on many local boards. Other members are:
* Fellers, the current City Council chairman;
* Don Herz, former city finance director;
* Kyle Kollmorgen of Kollmorgen Associates;
* Dan Marvin, a former City Council member;
* Gina Simpson of Ameritas;
* Lincoln Zehr of Hampton Enterprises.