City Council late Tuesday approved $600 million in contributions to the city's pension plan over the next three fiscal years. Enacting some of the recommendation of the city's pension reform committee, the city will issue $200 million in pension obligation bonds and contribute the proceeds as early as Dec. 31. The remaining $400 million will come from issuing more pension obligation bonds or "some form of real estate transaction."
Diann Shipione, pension plan trustee, opposes the move because it does not call for immediate full funding of the pension plan, which is underfunded by $1.1 billion. Ms. Shipione has also asked for an actuarial valuation as of June 30, she said in an interview.