Tensions rise in Chattanooga fire, police pension overhaul

photo Chattanooga City Hall

SIDE BY SIDECategory / Current / Task force plan / Pension Board planMinimum retirement age / None / 55 / 50Employee contribution / 8% / 12% / 9%Cost of living adjustment / 3% / 1% / Market valueDROP / Yes / No / YesSavings to city / n/a / $400 million / $126 millionSource: City, task force and pension board

Pension administrators are balking at suggested changes that would significantly alter police officers' and firefighters' retirement plan while saving the city $400 million over the next 30 years.

With three weeks to go until Chattanooga Mayor Andy Berke's deadline for his 18-member pension task force to reach a consensus, contention is growing among officials, the Fire and Police Pension Board members and employees over cuts that some say could prompt more employees to leave their departments prematurely.