Chattanooga Mayor Andy Berke's pension task force to have final meeting next week

Chattanooga Mayor Andy Berke's pension task force to have final meeting next week

February 7th, 2014 by Joy Lukachick Smith in Local Regional News

Chattanooga Mayor Andy Berke

Photo by Staff File Photo/Times Free Press.

Chattanooga Mayor Andy Berke's 18-member pension task force will meet for the last time on Wednesday to outline the changes to the police and firefighters retirement plan.

The meeting, which is scheduled for 5 p.m. on Wednesday at the public library, will give employees the chance to ask questions and review the plan that will hike their contributions by as much as 37 percent and cut retirees cost-of-living adjustments.

Officials will also reveal the actuarial findings of the pension reform, which Berke's Chief of Staff Travis McDonough said are in line with what the task force estimated.

Berke accepted the plan from his task force on Jan. 10 after 13-hour negotiations the day before behind closed doors. The plan is expected to save the city $4 to $5 million in annual contributions.

After the task force meets, the Fire and Police Pension Board will vote on the changes at their upcoming board meeting.