Worry surrounds Chattanooga pension study - WRCBtv.com | Chattanooga News, Weather & Sports

Working Together for You

Worry surrounds Chattanooga pension study

Posted: Updated:
Chattanooga City Hall Photo by Jake Daniels /Chattanooga Times Free Press. Chattanooga City Hall Photo by Jake Daniels /Chattanooga Times Free Press.
CHATTANOOGA, TN (Times Free Press) -

After losing millions of dollars in the police and firefighters retirement fund from the 2008 stock market collapse, former Mayor Ron Littlefield created a task force to address how to put the pension plan on more secure footing.

The group studied and debated the problem for six months, but ultimately agreed only to add a couple of outside members to the Chattanooga Police and Fire Pension Board, revamp the terms of a deferred retirement option for some members and smooth out the city's payments into the underfunded plan over an entire decade.

The study group left it to the next administration to figure out how to fund the plan fully.

"It's a very tough problem," said Dan Johnson, a CPA who as Littlefield's chief of staff was tasked with seeking a way to shore up the plan. "It's something that has to be dealt with, but I'm afraid until there is a crisis it's going to be difficult to do very much."

Read more from our news partner the Times Free Press.

Powered by Frankly