Columbia Mayor Bob McDavid announced a new proposal for city pensions that could save taxpayers $50 million.
The Mayor and members of a Pension Review Task Force made their announcement at City Hall.
The plan has current city employees keeping their existing retirement benefits.
Anyone hired after October 1, 2012 would get a smaller benefits package.
The changes do not call for any tax increases.
McDavid said, “Pension plan funding is not a political problem, rather, pension plan funding is a math problem. X + Y = Z.”
Columbia city council members will discuss the mayor’s pension proposal at their next meeting on Monday.
If approved, the pension plan would take effect on October 1.
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