Jacksonville pension fund could lead to bankruptcy
JACKSONVILLE, Fla. -- A 50-page report obtained by Action News details a dire financial picture for Jacksonville if the Police and Fire Pension isn't addressed.
The Taxation, Revenue and Utilization of Expenditures Commission was created to keep the public informed about budget issues. The report states the PFPF could run out of money as early as 2029, jeopardizing retirement benefits for both current and future employees.
The PFPF has more than $1.6 billion in unfunded liability at the end of 2012.
Possible solutions include selling city property, changing vesting dates and raising taxes.
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