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Fiscal Committee Discusses Pension Options

May 1, 2012, 6:27 PM by Kelly Bartnick

Fiscal Committee Discusses Pension Options
SIOUX FALLS, SD -

Pensions of hundreds of Sioux falls city employees are up in the air.

The city did a yearlong study in 2011 to figure out how they can save money in the pension system.  The fiscal committee talked more about the options Tuesday afternoon.

They've come up with several recommendations so far and have talked about them over the past few months.

Tuesday, they focused specifically on new hires.  In this plan, the new hires would be diverted into a separate plan.  That hinges on two alternatives; one would be a city-run plan and the other would be South Dakota State Retirement plan.

About 470 other entities in the state already use the state's plan.  Sioux Falls doesn't because its plan existed before the state's plan.

There are estimates the city could save between $30 million and $100 million over 30 years trimming new hire benefits..

No decisions have been made yet.  The city council will make the final recommendation based on the fiscal committee's work.

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