Pension fund says city can't change makeup of trustees

Published On: Jun 22 2012 04:29:37 PM EDT
Updated On: Jun 22 2012 05:01:32 PM EDT

The director of Jacksonville's Police and Fire Pension Fund says there are problems with a pending change in city law that would change who serves on the fund's board of trustees.

Currently City Council appoints two of the five board members, but a proposed ordinance would allow them to appoint three of the members.

READ: Pension Fund letter

The fund's director, John Keane, said that would break a state law that specifies how these boards should be made up.

In a letter to Council President Stephen Joost, other council members and Mayor Alvin Brown on Thursday, Keane said breaking that law could cost the fund nearly $10 million later this year, and more money in the future.

The was no immediate word from the city on the future of Ordinance 2012-203.

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