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Tue October 16, 2012
ELECTION 2012: Knoxville's Pension Plan Question
As early voting in Tennessee gets underway, Knoxville voters will cast ballots that could change the city charter. At issue: the pension plan for city workers. Knoxville Mayor Madeline Rogero has proposed what she calls a "hybrid" pension plan. It would apply to any employee hired after January 1, 2013, and would close the current pension plan. Changes will include a rise in retirement age and an increase in the pension vesting period (from 5 years to 10 years). The new plan would also put limits on defined benefits, or those benefits guaranteed by the city. Currently, there are no limits on those benefits, and there’s no contribution option, like a 401k. The new plan would add that option.
But the hybrid pension plan does have critics, like Greg Johnson, a financial advisor and opinion columnist for the Knoxville News Sentinel.
WUOT's Morning Edition host Chrissy Keuper spoke with both Johnson and Rogero about the plan.