MEMPHIS, Tenn. – Shelby County officials are preparing to draw up a new retirement benefit package for employees the county will hire in the future.
Hundreds of county employees will be eligible this fall to retire under the county’s current pension system, locking in its existing benefits for themselves. According to The Memphis Daily News, some of those benefits have been criticized as too generous.
Public pension plan officials nationwide are growing more concerned about the future, as the day draws nearer to pay retirement benefits many governments promised to employees during more prosperous times.
According to the paper, the county’s pension assets lost about one-third of their value in 2008.
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Information from: The Memphis Daily News, http://www.memphisdailynews.com