31 January, 2009

As the pension fund turns!

On the 18th of this month, there was a rather inflammatory article in the Advocate on the city pension fund. It basically said that like everyone else, the pension fund lost millions in the current economic down turn. It then went on to say that IF the pension became underfunded (something that has not happen yet), the city and its taxpayers are obligated to put money into the fund by contract. Tarzia had lots to say as usual, but he never is the fiscal watchdog he claims he is or it would not have taken him more than six months to get his mouth working. The biggest culprit was the firefighters fund, which accounted for a third of the loss. The mayor stuck up for the rest of the classified employees fund saying the loss in that fund was not significant. What is going on here really???? Is this going to be the next contract fight? Or are firefighters going to be put under the microscope? Stay tuned for more fun(d) (pun intended) as we see what happens to the economy.

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