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Tennessee pension protection legislation would impact Chattanooga

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CHATTANOOGA, TN (Times Free Press) -

Cities across Tennessee that are failing to keep up with annual required contributions to their employee retirement plans would have to do so within six years or face a penalty, under legislation proposed by state pension officials.

Failure to do so could trigger a reduction in their portion of state-shared taxes. The state would then use that money to ensure that the annual payments are funded at 100 percent.

At least 31 pension plans, including Chattanooga's General Employees pension and the city's Fire and Police Pension, would be affected by the proposal, which was unveiled Monday by state Treasurer David Lillard and legislators.

Read more from our partners at the Times Free Press.

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