The mayor says out loud what many of us are thinking – Editorial – Crain’s

COLA’s are not the highest priority in pension reform. Reducing the service year multiplier upon which the initial pension is calculated from 2.2 to 2 would add 3 years to reach full vesting, which is 3 more years of employee contributions and 3 less years of employees drawing a pension. The initial pension amount would be higher due to higher salaries, but that should be offset by the added service years and the trickle down effect on all pensions. Also, I would not allow pension participants to accumulate sick days and count it towards serviceable pension years. Sick days should… Read more »