Council To Vote On Pension Plan Switch

Tuesday night Colorado Springs city council members will vote on whether to allow some police officers and firefighters from the city’s retirement plan to a state retirement plan. The move would save the city about $375,000 next year.

Councilman Cernie Herpin, District 4, tells KRDO NewsChannel 13 that 83 firefighters and seven police officers have expressed interest in switching to the statewide plan. He says the statewide plan is fully funded and used in several cities. Herpin also says that Colorado Springs’ pension plan is just about 85 percent funded. Herpin says he thinks it’s the right way to go but he’s worried because it makes public servants more mobile, and that combined with the fact that city employees haven’t gotten a raise for two or three years may encourage them to leave.