published Tuesday, April 26th, 2011

Chattanooga Councilman Benson: 401K might not be right for cops, firefighters

by Cliff Hightower

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.

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joecrash1 said...

Before the Obama regime destroyed the American way of life, one could make good money with a 401K which allowed many of us to retire much earlier than others. CPD and CFD employees should be allowed to opt out of the City Pension if enrolled in an accepted 401K plan.

April 26, 2011 at 6:51 p.m.
goodidea said...

Before the Obama regime destroyed the American way of life???? You have got to be kidding right? Are you talking about all the bad policies from the Bush era??? There is only ONE reason that Chattanooga gets GREAT police and firemen, and that is the Pension. They sure as heck don't get paid anything. You want to take the money they depend on for retirement and let the leaches and ticks on WALLSTREET steal it.......

April 26, 2011 at 9:41 p.m.
sangaree said...

I hate to burst your short term selective memory loss bubble, joe, but it was under the Bush administration that many with 401Ks lost big time. I mean very very BIG TIME. Some lost all of their 401K savings.

April 27, 2011 at 3:13 a.m.
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