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Not too many years ago, if you asked city leaders in Wheeling to list their biggest fiscal concerns, funding the police and fire pensions would top the list.
But thanks to the efforts of City Manager Robert Herron and others, legislation signed into law this month by Gov. Jim Justice could finally help fully solve Wheeling's unfunded liability pension puzzle.
West Virginia House Bill 4756 is Herron's brainchild. He worked with Delegate Erikka Storch, R-Ohio, chair of the House Pensions and Retirement Committee, to introduce the legislation, with Storch shepherding it through the legislative process.
Herron said the legislation will benefit Wheeling and its taxpayers by reducing the city's annual contribution to the fire and pension retirement funds.
"This bill provides West Virginia municipalities the option to sell pension obligation bonds to fund unfunded liabilities, as long as each fund is 40% funded," Herron said, noting Wheeling currently is the only West Virginia city to hit that threshold in both funds. "This is an actuarially sound and conservative approach to unfunded liabilities, while taking advantage of low interest rates."
Councilman Dave Palmer, who for years advocated for the city's firefighters on the pension issue, called the legislation a "win" for Wheeling.
"It's great news for the residents and the city as a whole," Palmer said. "I want to thank everybody for the extremely hard work that they put into it. This is going to be a win for the city of Wheeling and its residents by a cost saving measure."
This is yet more good work from Herron as he continues to push for new ideas that will benefit Wheeling.