Springfield mourns loss of man who helped chart city's course toward financial recovery

(From the City of Springfield)

Mayor Ken McClure wishes to express his condolences to the friends and family of a man who helped chart the course toward financial recovery for the City of Springfield following the great recession of 2008. Jerry Fenstermaker passed away earlier this week. Fenstermaker and was instrumental in establishing a remedy to the City’s Police-Fire pension and served as a co-chair of the City’s Police-Fire Pension Task Force.

“We are extremely grateful for the work Mr. Fenstermaker did as co-chair of the original police-fire pension task force,” McClure said, speaking on behalf of himself and his colleagues on City Council. “Like municipalities around the country, Springfield was facing serious financial challenges and addressing the pension shortfall was crucial to charting a financially stable path forward.”

Fenstermaker was the former president and CEO of Freedom Financial Group Inc. He also served in multiple leadership roles at Citibank, as well as the U.S. Army.

Former Mayor Jim O’Neal said Fenstermaker’s career focused on turning around companies and municipalities that faced financial crises.

“I will always appreciate what a great job he did in co-chairing the citizen task force to formulate our action in solving the police-fire pension crisis,” O’Neal said. “He worked diligently on the effort to pass the tax and his service and knowledge on the pension board was invaluable,” O’Neal said.