JACKSONVILLE, Fla. -- There is a pension agreement between the City of Jacksonville and the unions for police and firefighters.
Mayor Alvin Brown
says the deal would save taxpayers $1.1 billion over thirty years, and $50 million in the next fiscal year.
"This retirement reform agreement is even more proof that anything is possible when we work together," said Mayor Brown. "Once again, we used a spirit of teamwork to accomplish retirement reform that provides financial sustainability for employees and taxpayers."
The agreement with the Jacksonville Association of Firefighters, the Fraternal Order of Police and Jacksonville Police and Fire Pension Fund, came through mediation, which virtually ended a federal lawsuit.
Current employees will retain benefits but have to contribute more.There will be a new pension policy for new employees hired on or after October 1, 2013.
The agreement also puts in place new Police and Fire Pension Fund governance guidelines to promote accountability and transparency.
"I greatly respect our brave public safety employees and the important work they do for our community," said Mayor Brown. "This agreement is a product of partnership between the City and public safety professionals. Together, we have achieved retirement reform that will help ensure financial sustainability for both taxpayers and employees."
The two unions waived their rights for collective bargaining.
The agreement goes straight to City Council.