Issue link: https://newsleader.uberflip.com/i/107047
Sarasota News Leader February 1, 2013 Page 17 The city commissioners were not too worried about the trust going "belly-up." They were worried future commissions might see this revenue as a questionable kitty. "I understand the city may get $85 million," said City Commissioner Shannon Snyder. "We're talking about somebody else taking all the risks and doing all the work. We are potentially looking at covering about 25 percent of our unfunded liabilities at no cost," Snyder added. "I'm worried future commissions will use this as a slush fund to hide the unfunded liability." "The idea was to use this money to supplement the city's usual contribution," said Lyons. "To help buy us down [reduce the shortfall]." He stressed that neither the city nor employees nor retirees are investing a single penny in the plan. Sarasota City Commissioner Shannon Snyder/Photo by Norman Schimmel "If the market goes gangbusters and the unfunded liability is taken care of, you could increase the benefit to the employees," he said. Several other cities are looking at the TRIPEB scheme, said City Manager Tom Barwin. "Some communities in Illinois are looking at Pollock said if financial conditions improve it, as well as in Michigan." dramatically and the pension funds' investThe commissioners agreed to continue lookments soar, his plan could be converted to a bigger death benefit for the employees' bene- ing at the plan, referring it to the city attorney for a thorough evaluation. % ficiaries. "Leadership is the art of getting someone else to do something you want done because he wants to do it." — Dwight D. Eisenhower I am so incredibly pleased, with my beautiful smile and my comfortable and natural bite. - Barbara Lee For a complimentary consultation call 941.923.5406 | Christine Koval, D.M.D. | www.askdrkoval.com