Jacksonville Mayor Lenny Curry is upping the ante in his push to get new Jacksonville public safety hires in to 401(k) style plans.
In a new proposal presented by the City of Jacksonville's bargaining team to the Fraternal Order of Police Lodge 530 and Jacksonville Association of Fire Fighters local 122, Curry offered current employees a 20% salary increase over the next three years, a one-time lump sum of 3% of annual salary, and a restoration of benefits that were changed per a 2015 reform agreement, including restoring a guaranteed 8.4% rate of return on DROP and a 3% COLA.
For new hires, Curry pitched a 25% City contribution to the investment accounts, while employees contribute 8%. Full vesting would happen at five years.
This proposal excludes judicial officers and bailiffs, who are instead offered a 3% bonus and 14% salary increase over the next three years.
The FOP was the first to be presented the proposal, and it appears they're still unwilling to shift new hires to the 401(k) style plans, pushing for the Florida Retirement System instead. At Wednesday's, bargaining session, local FOP President Steve Zona showed videos of Curry on the campaign trail, when he said 401(k)s would not work for officers, and pension plans are the most competitive. Zona says they campaigned hard for Curry's pension sales tax with the understanding there would be other options on the table.
Successful bargaining with these unions is key for the City to be able to use the sales tax, which was approved by voters. Locking up these deals means the City can impose a half-cent sales tax beginning in 2030- when the current Better Jacksonville Plan sales tax expires- and use that money to pay down the City's overall $2.8 billion pension debt.
The FOP also wants the City to agree to not unilaterally impose benefit cuts for twenty years for current employees, and JAFF also wants a longer term to lock in benefits than the three years currently offered. During the JAFF session, Curry said he would consider that.
The City’s bargaining team has not come out with any figures yet on how much this plan will cost, but the administration says they wouldn’t pitch something that wasn’t affordable. The offer will be on the table for thirty days, and the City says if it's not accepted, they'll withdraw it.