A new report says Omaha’s police and fire pension system will be solvent and fully funded in 22 years.
The report by Cavanaugh Macdonald Consulting looks at the police and fire pension system over the next 30 years. Previous reports have said it would take more than 40 years for the pension system, which is underfunded by $620 million, to be solvent.
Mayor Jean Stothert says the new report shows pension reforms are working.
"The underfunded pension liability is a result of costly decisions made by prior administrations. My administration is working hard to shore up the pension underfunding. We will continue to push for further pension reform to protect the city and the taxpayers from future liability."
Under previous police and fire contracts, the retirement age was raised, along with the amount of contributions made by both the city and union members.
The report also looked at the long-term impact of the city’s Deferred Retirement Option Plan. With the plan, the pension system is solvent and fully-funded in 2036. Without it, solvency is reached in 2038.