Posted: Oct 19, 2010 11:49 AM by Associated Press
Updated: Oct 19, 2010 11:50 AM
A plan that includes changing the minimum retirement age from 55 to 60 and slashing retirement benefits for future Denver city workers has union officials lobbying for its defeat.
Gubernatorial candidate Mayor John Hickenlooper last month hinted at the proposed changes when he unveiled his 2011 budget.
He expressed concern about escalating pension cost as the city faces a $100 million gap.
Ed Bagwell, a business agent with Teamsters Local 17, which represents 1,000 city employees, asked Hickenlooper to form a panel made up of labor and management officials to review the proposed changes.
The Denver Post reports city workers are contributing an extra 2 percent this year to offset pension fund investment losses, with an additional 2 percent proposed next year.