Cincinnati voters rejected a ballot initiative Tuesday that would have created an amendment to the city's charter changing certain retirement benefits of the Cincinnati Retirement System.
Seventy-eight percent of voters rejected the proposal that would have created a new defined contribution plan as well as require the $1.4 billion defined benefit pension plan to become 100% funded in 10 years.
As of Dec. 31, the pension fund had an actuarial asset value of $1.37 billion and liabilities of $2.23 billion.
“The city would have to contribute $80 million a year,” an amount far out of reach for the city, said Chris Meyer, chairman of the board of trustees.
Additionally, pension fund officials had feared the amendment would have been tied up in courts for years due to contradictions in the amendment.
“It was defeated pretty handily, so I think the voters made the right choice and saw some of the issues with the proposal,” Mr. Meyer said.
Phone calls to Paula Tilsley, the pension fund's executive director, were not returned by press time.