Mayor Steve Bach on Monday announced the formation of a Pension Solutions Team to provide the city government advice and counsel on achieving long-term pension sustainability.
“The city’s current pension plans are not fiscally sustainable and if not changed will lead to general fund insolvency,” Bach said in a statement.
“It is essential that the plans be modified for long-term sustainability,” he said.
Marvin Strait, a certified public accountant, will lead the solutions team, one of several the mayor has formed to tackle different issues facing Colorado Springs.
Strait works in the local offices of the law firm Hogan Lovells, which has close ties to Bach.
Other members of the solutions team include Kurt Kofford, who is also a certified public accountant, retired businessman David Sunderland, Chief of Staff Laura Neumann, Chief Financial Officer Kara Skinner and HR Director Mike Sullivan.
Two City Council members will also serve on the solutions team.
The team is expected to have a recommendation for the mayor by February 2013, the city said.
To all city employees past and present say bye=bye to your retiement funds as you now know it..
Why are there no citizens other then city goverment employees on the solution team??
Lilithia
He’s formed a team to find out how to raid the pension fund like Gordon Gecko.
I am sure he will find a way for him and his developer friends to find a way to pilfer from this fund.
This guy needs to go…recall anyone?
I find it odd that the mayor chooses to convene “Solution Teams” of hand picked members all from the private sector and most likely all contributers to his campaign. Is a consultant fee being paid to the assigned members from the business community or are they all acting as volunteers? If they are not being paid then the question begs to be asked – what’s in it for them?
I know the City has the right to choose businesses to work with it likes but Hogan Lovells again?The city admin must have them on speed dial. How many hundreds of thousands of tax payer dollars have gone to them? How much is the legal department’s budget going up for 2013? Is the City Auditor watching this at all? Doesnt City Council control the budget? It doesnt sound right.
Three decades overdue, but thanks for the effort.
Waste of time. This is a state issue and any change is approved up in Denver. This is just Bach blowing hot air.
When is enough enough? Wheres the solution team for the City? Seems like the they have an open check book of taxpayer moneys???????