Officials announced today, that reforms to the city employees retirement fund have reversed a trend of rising costs and has left the City on stronger financial ground while saving residents $8 million through 2020.
“It has been immensely satisfying to see the Retirement Board come together in unity and accomplish these very important changes. This bodes well for the future as we continue our search for further improvements in the City’s retirement system.” said Burlington Employees Retirement System (BERS) Board chair Jim Strouse.
The system had been facing troubles since the 2008 financial crisis. Increased payments in to the fund had lead to steady growth in property taxes. The savings have put money back in the pockets of residents and businesses alike, allowing them to grow Burlington’s economy and contribute to the vibrancy of the City.
“Our financial progress as a city continues,” said Mayor Miro Weinberger. “Through a broad, multi-pronged reform of the pension system, we have stopped the dramatic growth in City payments, achieved two years of immediate tax cuts, and put the system on more stable footing for the long term.”