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September 19, 2014, 8:54 pm
970 WMAY News

PILOT for Pensions Plan to Get Tweak


Aldermen will tweak a proposal to give an infusion of cash reserves from city coffers to Springfield fire and police pensions.

 

The original proposal would take just over two-million-dollars of Payment in Lieu of Tax money from the corporate fund to assist in paying down the growing unfunded liability of public safety pensions.

 

Alderman Joe McMenamin says he’ll motion to change the ordinance to give one-million-dollars to the public safety pension funds instead of two-million-dollars as was originally proposed.

 

The ordinance could be amended and passed next week.

 

The City Council will meet Wednesday next week because of the National Night Out scheduled for Tuesday.

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