The debate on how to refund
"It makes me think real hard about why you are always singling out the chairman… real, real hard," said Chairman of the Police and Fire Pension Board, Charles Jones.
Jones says the finger pointing of the pension debate casts toward him. Tempers flared as the board met to discuss litigation with the city attorney about the law suit filed by Danny Angelo. Angelo is suing the city for holding what he calls an illegal meeting about the pension fund.
Board member Charles Bishop says the two sides can't agree to terms about refunding the police and fire pension and the public should know why.
"By the charter, it's our responsibility as fiduciaries to inform the planned participants about what's going on with their pension plan. So we've had entirely too many meetings lately in the dark," said Bishop.
Bishop and Angelo were overruled by the remaining board members and the meeting was closed.
The two sides continue to disagree about the fine print. Those representing the police and fire departments say they're attorney recommended securing money on a long term basis, regardless of how the stock market performs.
"The advice was to get a binding contract with a catch up," said Bishop.
And city officials say the city can't afford to lock down long term payments in a binding contract.
"If in fact you default, then we can sue you, which is the same in the promissory. But we're doing good on making these payments. And everybody ought to be happy that the city, listen, take no pleasure if a hole is in the other end of the boat and all of us are in the same boat. If the boat goes down, all the laughing is going to stop," said Jones.
Danny Angelo is suing the city and board members after a meeting was held without him on June 30th. At that meeting, a promissory note was approved by the board, which will pay $4 million into the pension fund over the next 4 1/2 years.