Pension reform expected to save Chattanooga $227 million

Pension reform expected to save Chattanooga $227 million

February 12th, 2014 by Joy Lukachick Smith in Local - Breaking News

Chattanooga Mayor Andy Berke

Photo by Staff File Photo/Times Free Press.

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.