published Wednesday, February 12th, 2014

Pension reform expected to save Chattanooga $227 million

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.

about Joy Lukachick Smith...

Joy Lukachick is the city government reporter for the Chattanooga Times Free Press Since 2009, she's covered breaking news, high-profile trials, stories of lost lives and of regained hope and done investigative work. Raised near the Bayou, Joy’s hometown is along the outskirts of Baton Rouge, La. She has a bachelor’s degree in mass communication from Louisiana State University. While at LSU, Joy was a staff writer for the Daily Reveille. When Joy isn't chasing ...

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