Tennessee: Some state workers put retirement on hold to consider buyout

NASHVILLE, Tenn. — The prospect of lucrative buyout packages is leading some state employees to put their retirement plans on hold.

The Associated Press has found that Gov. Phil Bredesen’s announcement that about 2,000 state employees will be asked to volunteer to take buyout packages has caused some workers who had notified the state of their imminent retirement to reconsider.

Bredesen, a Democrat, last week said he intended to eliminate about five percent of the state work force to help balance next year’s budget.

The governor is scheduled to lay out details about nearly a half-billion dollar budget cut in a speech to a joint assembly of the Legislature tonight.

Jill Bachus, director of the Tennessee Consolidated Retirement System, confirms state workers can rescind their retirement paperwork if they haven’t started collecting benefits.