Chattanooga Mayor Andy Berke's pension reform that will hike employee contributions and cut retirees cost of living adjustments will save the city $227 million over the next 24 years, officials confirm.
A full report by two actuary firms will be revealed at tonight's meeting that despite predictions of more snow this afternoon is still set for 5 p.m. at the public library.
Berke's spokeswoman Lacie Stone said officials are watching the weather but at this time there are no plans to cancel.
Tonight's meeting will also show that the reform is expected to save the city more than what was originally estimated, saving $5.1 million to the city's contributions to the Fire and Police Pension Fund next year.
A month ago, Berke's 18-member task force reached a consensus after six months of heated debate. Berke accepted the recommendation on Jan. 9.
See more on the Chattanooga pension reform meeting in Thursday’s Times Free Press.
Joy Lukachick Smith is the city government reporter for the Chattanooga Times Free Press. Since 2009, she's covered crime and court systems in North Georgia and rural Tennessee, landed an exclusive in-prison interview with a former cop convicted of killing his wife, exposed impropriety in an FBI-led, child-sex online sting and exposed corruption in government agencies. Earlier this year, Smith won the Malcolm Law Memorial Award for Investigative Reporting. She also won first place in ...