A week after passing a measure to set up what’s called a 401(a) plan, tax-deferred retirement saving accounts for retiring public safety employees, the City Council on Monday afternoon rescinded the resolution.
Members of the City Council approved the repeal without opposition in an emergency meeting.
Municipal officials cited a pair of reasons for rescinding the measure. “Numerous” retiring police and fire employees “objected” to their unions’ plan to channel a portion of their payouts into tax-deferred accounts. Under the approved plan, retires “lack discretion” as to how much of their funds get directed to the accounts“It just didn’t look good to me, didn’t sound good,” said Flavio Rivera, councilman at-large, chairman of the finance committee.