Councilman Jack Benson backpedaled today, saying he’s not so sure the city should replace its Fire and Police Pension Fund with a 401K for new hires.
“I’m beginning to change my mind on things now,” Benson said, saying the plan might not work for firefighters and police.
The council heard from the Fire and Police Pension Fund board today for an educational session on the proposed 401k retirement plan. Council members discussed how changes to the pension fund would affect retirement benefits.
The educational meeting was part of a series of informational meetings as the council prepares for the 2010-2011 fiscal year budget.
Benson had previously advocated for move away from the current fire and police pension to a defined contribution plan similar to a 401K for new police and firefighter hires.
For complete details, see tomorrow’s Chattanooga Times Free Press.