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Thursday, May 10, 2012

Smitherman was right, City’s retirement system is a growing mess

Posted by Justin Jeffre

In 2006 the Beacon reported (former at the time) Councilman Smitherman’s warnings about the growing pension problems that plagued the city, but were being ignored by City leaders. At the time people called him Chicken Little, but he was right to raise serious concerns about the retirement fund.

He warned that council budgets were irresponsible because they were failing to invest the proper levels to maintain the retirement fund even during the good times. Now the city’s budget woes look really bad for the foreseeable future. 

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