JACKSONVILLE, Fla. – The Jacksonville police union voted Thursday to approve a new pension deal that will give new members 401(k)s instead of traditional pension plans.
Nearly 65 percent of the union members voted yes to the three-year contracts, which were previously tentatively approved by the Fraternal Order of Police and the Jacksonville Association of Firefighters.
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Of the 1,181 officers, sergeants and bailiffs in the union, 762 voted yes (64.52 percent). Of the 43 lieutenants and captains, 35 voted yes (81.39 percent).
Curry described it as a historic compromise.
"There have been multiple steps in solving the pension crisis. This is a big step," Curry said. "Solving this pension crisis will allow us to get our balance sheet in order, our city on sound financial footing and invest in public safety. So this is, again, a big step toward our final destination, which is solving this once and for all."
The rank and file of the fire union will vote on the contracts in March.
Last fall, Duval County voters approved a new half-cent sales tax to begin in 2030 to pay off Jacksonville's $2.7 billion pension deficit, but it can only go into effect if the city and its unions can reach an agreement to close existing pension plans.
Curry has promised a 3 percent bonus and a 20 percent raise for the city's public safety employees, as well as the return of benefits cut during the financial downturn in the 2000s in exchange for current employees increasing their pension contribution from 8 percent to 10 percent.
News4Jax asked Curry on Thursday if the city could afford to offer 20 percent in pay raises.
"Yes, and in short, these policemen and firemen have had pay cuts, and they haven't had a raise in about a decade -- almost 10 years," Curry said in reply. "That's outrageous."
The plan would also close the pension to any new employees, who would be enrolled in a 401(k) retirement saving plan instead. Curry promised that the city would contribute 25 percent to that plan.
The Police and Fire Pension Fund board still has to approve the contracts, as does the Jacksonville City Council.
"It's been a long road," Curry said. "We're closer now than we've ever been, obviously."
The board was told that it needs to approve a plan by March 15 so the city can implement pay raises and new pension benefits that include a 401(k) for new hires in next year's budget, which must be submitted in July. But the board said it needs more information about the contracts and might not be able to make that deadline.
The mayor's office has not released how much the new plan will cost taxpayers and how much the pension board would be responsible for.