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By Dave Flessner
Staff Writer
The city of Chattanooga will use a Florida law firm to pursue legal action against the actuaries to the Chattanooga Fire and Police Pension Fund, city attorney Randall Nelson said today.
The City Council voted Tuesday night to hire Ledbetter and Associates, a Fort Lauderdale, Fla.-based law firm that will be paid on a contingency basis. Mr. Nelson said a recent audit of the fire and police pension found that the projections made the Segal Co., underestimated the expenses for a change made in the pension plan in 2000.
Segal had projected only a small increase in pension expenses from the changes, but city costs have actually tripled since 2000, in part, because of the changes, Mr. Nelson said.
"There appears to be a hefty monetary deficit so we want to look at getting some of our money back," he said.
Attorney Andrew Dale Ledbetter was involved in a 2004 lawsuit against a financial advisor for Chattanooga's general pension fund. That lawsuit netted the city $5.7 million in damages, according to the final settlement of the suit.
E-mail Dave Flessner at dflessner@timesfreepress.com
See tomorrow's Chattanooga Times Free Press for complete coverage.
