History of Pension Reform in The Coral Gables Commission

During the recent Impasse Hearing it was stated that since 2001 the current Commission had not approved any of the prevailing pension rules.  Thus implying that the Commission is not responsible for the pension liabilities and that the commission is not responsible for the current problems.

However, the Commission did approve salary increases since 2001 that have dramatically driven up pension liabilities, and one may assume that they did this knowing about the extraordinary pension liabilities being accrued by the city.

I suggest that we have only the city manager and the economic crisis to thank for the new pension and salary initiatives.

About Stephen E. McGaughey
International consultant in financing development programs and projects

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