Columbus City Council approves pension refor

City council unanimously approved the reform to the city's $266 million pension plan, saving tax payers $25 million over the next 15 years.

The plan involves current city employees including firefighters and police officers and contributing 2 percent of their pay toward their pension plan instead of the city assuming the contribution payment for them.

New employees hired on or after July 1 will contribute 6 percent toward their pension benefit.

Beginning next fiscal year, Columbus government employees hired prior to July 1 of this year will increase their contribution to 4 percent of their pay while those employed after July 1 will contribute 8 percent.

But the change won't necessarily mean less pay for existing city employees.  They will receive a 2 percent pay adjustment to offset this year's contributions.

Copyright 2012 WXTX. All rights reserved.