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Mon May 14, 2012
Bernero Calls Updated Retirement Costs "Alarming"
Lansing Mayor Virg Bernero says new studies show the city is falling farther behind in the funding of employee retirements.
Bernero says draft studies from EFI Actuaries recommend increasing the city's contribution to the system by $3 million a year.
The mayor has recently warned of the threat posed by escalating pension and benefit costs. Calling the findings "alarming," he urged the city police union to collaborate with the administration to rework contracts to help get the costs under control.