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Resource ID: #26982
Subject: Pensions
Source: Florida Times-Union (Jacksonville, Fla.)
Affiliation: 
Date: April 6, April 20, May 4, Aug. 31, Oct. 19 and Nov. 16

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Jacksonville's Police and Fire Pension Fund is in crisis. The fund has about 43 cents available for every dollar promised to its retired police officers and fire fighters. Now $2.88 billion, the multiplying city debt is threatening the city's financial stability. Bond ratings have been downgraded. City projects have been scuttled. Bankruptcy is feared. The recent recession isn't the only thing that crippled the fund. Deals done in secret, deals hidden for more than a decade and sweetheart deals that allowed a select few to skirt regulations and retire from public service jobs with hundreds of thousands of extra dollars they weren't entitled to are also to blame.

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