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GI city council gets ready to address pension issue
Thursday night marks a very big night for the Grand Island City Council and a number of former city employees waiting to learn the fate of their retirements.
The Grand Island City Council spent hours discussing the pension issue on Tuesday. The police pension reserve is underfunded because the city overpaid retired police officers.
A change was made back in 2005 from calculating pensions based on a single life annuity to a joint life annuity.
This change was never approved.
It wasn't until this past November that council member Chuck Haase noticed that a payment to retired Sergeant Kerry Cole seemed too large.
The council is expected to vote on several issues Thursday night.
They'll need to decide on whether or not to seek reimbursement for the overpayments.
Also, how will they pay the remaining 7 officers from the plan developed pre-1984. They'll either pay them on a joint annuity or a single annuity
The meeting starts at 7:00 pm.
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