“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.