Daily Record Financial News &
Friday, December 30, 2016
Vol. 104, No. 034 • One Section
35¢ www.jaxdailyrecord.com
Keane sues board over lower benefits Ex-pension fund director disputes $47,000 a year drop
By Max Marbut Staff Writer It isn’t over until it’s over. That’s certainly true of controversy associated with the Police & Fire Pension Fund after former Executive Director John Keane filed suit Thursday against the fund’s board of trustees. The lawsuit contends the fund has no legal right to pay him pension benefits that are less than what his contract called for, including the Senior Staff Voluntary Retirement Plan, a supple-
Keane
Final area Kmart is closing in April
ment to the general pension fund. Keane retired in September 2015 after serving as the fund’s chief executive for 25 years. In addition to the general pension fund, he paid into the voluntary plan since it was established by the trustees in 2000. Keane’s attorney, Matt Kachergus, said this morning his client contends it’s fundamentally unfair for the trustees to set up a pension plan — and promise Keane its benefits as he paid into the plan — and then not pay the benefits.
“Mr. Keane contributed to the plan for 15 years and then when it’s time to pay the benefits, they change it,” said Kachergus. When city General Counsel Jason Gabriel in April issued an opinion that the senior staff plan was unlawful because it was not approved by City Council, Keane’s annual retirement benefits dropped from $234,000 to $187,000. Gabriel also said the general counsel has the authority to render binding opinions on the fund. That’s another issue in the law-
suit. “Gabriel is not the attorney for the fund’s trustees. They have independent counsel,” Kachergus said. He said Gabriel’s opinion was based on Article 16 of the city charter, which gives council authority to approve pension plans for city employees. But it’s not applicable in this case because Keane was not employed by the city while he worked for the fund. “The senior executive staff Keane continued on Page 4
Using a mirror to help create perfect self-portrait
Normandy store begins liquidation sale Jan. 6 Sears Holdings Corp. said Thursday the last Kmart store in Jacksonville will close in mid-April and the liquidation sale will start Jan. 6. The store is in West Jacksonville at 1501 Normandy Village Parkway. Spokesman Howard Riefs called it a “difficult, but necessary decision.” He said Sears Holdings, which owns Kmart and Sears stores, has been “strategically and aggressively evaluating our store space and productivity, and have accelerated the closing of unprofitable stores as previously announced.” Riefs responded by email after Businessinsider.com reported Thursday that Sears Holdings told employees Tuesday it would close 30 Sears and Kmart stores in early 2017. In addition to the Jacksonville Kmart, the news site said six more Florida Kmarts will be among those closing, including one in Palatka. Businessinsider.com said Sears announced the closures internally Tuesday, but did not publicly release a comprehensive list of the stores involved. The site said it confirmed most of the closures with store employees at each location. Riefs declined to provide the number of employees whose jobs will be lost at the Jacksonville Kmart. He said they are eligible to receive severance and have the opportunity to apply for open positions at other area Sears or Kmart stores, although the Normandy location was the last area Kmart. Most of the employees are part-time hourly associates, he said. The company’s remaining area locations are Sears department stores in The Avenues and Orange Park malls. In July, the Regency Square Mall Sears Kmart
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Photo by Fran Ruchalski
By Karen Brune Mathis Managing Editor
Ryan Griffin, 10, uses a mirror to check her image as she draws a self-portrait at the Museum of Contemporary Art Jacksonville’s Winter Art Camp. The program offers half- and full-day sessions for students during the holiday break. See more photos on Page 3.
New 45-acre project at Town Center
A rendering of Hanover Cambridge III under construction in Cambridge, Mass., an example of multifamily projects developed by The Hanover Co.
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If there was any question whether more property might be developed near St. Johns Town Center, the answer is yes. Members of the Skinner family want to rezone about 45.2 acres south of Topgolf, west along Interstate 295, for apartments and for commercial and retail development. Called the Hanover Town Center Mixed Use Planned Unit Development, the property would be developed in two phases. The first phase would comprise up to 400 multifamily residences — typically apartments — on about 19.4 acres at the southern end of the site.
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The second phase, immediately south of Topgolf, would consist of up to 150,000 square feet of retail commercial development and/or up to another 400 multifamily units on about 12.2 acres. The remaining acreage is for roads, drainage and a JEA easement. The Arthur Chester Skinner Jr. Trust proposes the rezoning Mathis
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