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Council approves $50 million transfer, seeks amendment to settlement to stabilize pensions
Summary
Council passed an emergency ordinance transferring $50 million to the general fund reserve and authorized the city manager and solicitor to seek amendment of a collaborative settlement/consent decree in federal court as part of a plan to bring city pensions to full funding.
Cincinnati City Council on Feb. 25 approved a two‑part package intended to strengthen the city's pension funding. Council voted to authorize the city manager and city solicitor to seek amendment of a collaborative settlement agreement and consent decree in an ongoing class‑action in the U.S. District Court for the Southern District of Ohio and approved an emergency ordinance to transfer $50,000,000 into a general fund reserve account.
Mayor Aftab Pervois and council members framed the measures as the result of prolonged negotiations involving the administration, retirement officials and unions. Council member Kramer Dean thanked the administration, the solicitor's office, retirees' representatives and employees for reaching the agreement.
City Manager Cheryl Long described the move as necessary to ensure employees will receive promised retirement benefits and said the transfer and legal steps are part of a multi‑year effort to put the pension on a sustainable path. Council discussed that earlier investments and structural budget changes over the last four years contributed to making this step possible.
Both items were adopted as emergency measures with roll‑call votes recorded on the record.
