Omaha's civilian pension (Omaha Steve) fund next to need solvency plan

[Omaha Steve]

http://www.omaha.com/article/20131028/NEWS/131028715

Published Monday, October 28, 2013 at 12:30 am / Updated at 7:28 am

By Matt Wynn

Omaha's “other” pension fund, covering civilian employees, is in big financial trouble.

The situation is so dire that a civilian union president is calling for a serious look at moving to another retirement plan — or even cashing out the fund. That move could leave the city on the hook for some $200 million.

The suggestion comes less than a year after the city finalized a long-term fix for the police and fire pension plan. That fund — with a shortfall of some $600 million — has long been the source of heartburn at City Hall, but some say the civilian plan, in some ways, is in worse shape.

At a presentation before the city's pension board, an actuary said that even if investments perform well, the fund can't last much longer as designed.

FULL story at link.