According to the Business Courier of Cincinnati, a majority of council members support the plan presented to the Finance Committee this week. Under the proposal, the mayor, with approval from council, will appoint six of nine members who will be required to have expertise in areas like pension plan management, accounting, finance, and law.
The board would hire a manager for the pension plan, and the remaining board members would include one active city employee and one city retiree, the news report said. No elected officials or city administrators could sit on the board.
“We need innovative approaches to ensure the viability of the pension system, said Vice Mayor Roxanne Qualls in a news release, according to the Business Courier. “To do that, we need to appoint board members who are highly qualified and independent of the system’s stakeholders to figure out what is best for the city.”
If the proposal passes, it will go into effect October 1.
According to the news report, the current board includes four city employees, one retiree, the mayor, city manager and finance director, the chair of City Council’s Finance Committee, a Civil Service Commission member, and a citizen trustee. The pension system faces a $1-billion shortfall.