The issue of long term disability benefits is presenting a bit of a bump in the road in common council’s efforts to adopt the Shared Risk Model for its pension plan.
Council has accepted on principle a Memorandum of Understanding with the city’s unionized groups, on the condition the issue of long term disability gets sorted out by Monday.
Commissioner of Finance Greg Yeomans tells CHSJ News they need to look at the cost as plan members age and transition to a regular pension. The issue is something for which the Shared Risk model does not provide.
Council will meet with unionized groups and consult with potential bridge benefits with insurance companies over the weekend. An update will be provided on Monday, which is also when a vote is expected on the 2013 budget.
