(Mayor Ivan Court)
(File Photo)
It's now official.........The city did not meet the deadline for making a five million dollar payment into its pension plan as scheduled. Mayor Ivan Court says the city was not in a financial position to make the contribution.
The Mayor says without changes, the pension plan is not sustainable.
The city has been in touch with the Superintendent of Pensions to keep her in the loop and get some guidance on how to proceed. He believes she will be supportive if the changes to be brought forward by City Manager Pat Woods make the plan financially sustainable over the long term. Those changes are expected at next Monday's meeting of Common Council.
Court says city employees have been given additional time to review the options that are on the table and he's hoping they will choose what's best for the long term future of the plan.
