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Greenwood aldermen open 45-day valuation period after contentious debate over retirement plan costs
Summary
After a heated discussion about uncertain cost estimates and staff retention, the Greenwood Board of Aldermen voted to start the 45-day public information period for an updated Loggers valuation; board members emphasized both the program’s retention benefits and the need for accurate long-term cost numbers before committing to a plan.
The Greenwood Board of Aldermen moved on Tuesday to begin a 45-day public information period tied to the city’s Loggers valuation after an extended, at-times-fractious, discussion about the long-term cost of enrolling municipal employees in the Loggers retirement program.
Steven (administration) told the board staff contacted Loggers and was told a new valuation would cost about $790 and take roughly four to six weeks to complete. "A new valuation would be about $790 to complete and take about 4 to 6 weeks," Steven said, describing timing and the effect on the mandatory 45-day public inspection clock. Administration also explained that any newly produced valuation would trigger its own 45-day period during which the public can review the figures.
Board members debated the timing and cost implications. The Chair cautioned that adopting a program level without firm numbers would create an enduring fiscal commitment: "This is a forever thing," the Chair said, noting the city’s current annual retirement cost was presented as about $10,679 and that one proposed total figure discussed at the meeting rose to $74,005.88. Another board member recalled an earlier estimate near $121,000 and urged caution.
Several aldermen framed the discussion as a balance between staff retention and the city’s fiscal health. One member argued the city risks losing employees if it does not provide competitive retirement and benefits; another countered that the council should not vote on a long-term obligation without accurate numbers and said, "How can we vote on something we don't even know the number?" A different member used stronger language, characterizing approval without full numbers as "pure stupidity." The administration responded with scenario analyses for different program levels and advised starting at a lower program level might be prudent if the board chooses to move forward.
After debate, the board agreed to place the current valuation in the meeting minutes to trigger the 45-day public information period; staff will publish notices, hold the required comment opportunities, and return with final valuation-based pricing and program-level options after the period ends. Board members discussed planning to act on the matter at the first meeting after the 45 days, with October dates mentioned as likely timing.
What happens next: By placing the valuation information in the minutes the board started the 45-day inspection and public-comment period; staff will present final Loggers pricing and program-level impacts after the notice period so that the board can consider a final decision at a later meeting.
