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Commission asks staff to produce pension options within 90 days
Summary
After discussion of long-term solvency, commissioners authorized staff to review options for moving future hires to a defined-contribution plan and return recommendations in 90 days.
Commissioners debated long-term pension solvency and options for future hires during the Jan. 27 meeting. Staff described alternatives including local government plans available through ACCG, GMA and state options. The staff recommended further analysis of contribution rates, vesting schedules and whether different classes of employees (notably public-safety) should have alternate rates.
Tim (pension staff) told commissioners a move to a defined-contribution plan would apply to future employees after a set date and that such a change is a long-term solution. Commissioners asked for a 90-day review of options and a recommendation; a motion to return options within 90 days was made and seconded.
