Memphis City Council talks pension

MEMPHIS, Tenn. — It’s been talked about, debated, but still not settled on how to fix Memphis’ ailing pension plan.

Now Memphis city council members will hear recommendations from experts they brought in from the Segal Company.

“We’ve been hearing we need to change the pension plan immediately, but I’ve been hearing from other people who say you don’t need to do that,” Memphis City Council Member Harold Collins said.

The City Council, Memphis Mayor A C Wharton and labor unions have been at odds over just how “in the red” the city’s pension really is right now.

It’s been tacked at anywhere between 300 to 600 million dollars.

An accurate picture is crucial as the city decides how to move forward.

“I thought that if we had our own set of independent eyes, then we could get a number that wouldn’t be biased so to speak. No one would have a dog in the fight,” Collins said.

Police Union President Mike Williams says police officers are anxiously awaiting what the council will do with employee health care and retirement, since many officers join the force because of the benefits.

“This city has not even opened up Social Security for these officers. So they have to look at the impact. What’s going to happen to them if they are injured? What’s going to happen if they are killed in the line of duty?” Williams said.

The Segal Company report can impact how much the city puts into the pension program, where the money will come from, and how much more taxpayers may have to pay.

This comes as the city is under state orders to keep up with its annual pension plan contributions to make sure the money is there for people who need it.

That city council meeting starts at 5 p.m.

We are told there won’t be a lot of discussion on changing the city pension to a 401 K type plan.

That may be discussed at another time.

4 comments

  • CITYOFAPESONAPES

    They are too busy bankrupting the city with even further outlets of waste and poor decisions to worry about our Police and Fire depts. – Don’t forget those free lunches and dinners that we all pay for whilst they mull over useless rants from hired problem solvers … that cost even more money the city doesn’t have.
    Congrats to Willie for bankrupting the school system while superintendent AND THEN elected mayor and bankrupting the city! WOW – guttertown USA

  • this city is a joke

    Why do people on food stamps children also get free lunch???? 3 times day!!!!! Plus we feed her kids when they get home… Dont think its right. And nobody question it…or hold them accountable. And whats with the free cell

  • 1midtownmike

    Roads that rival those in third world countries, trolley cars catching on fire, a riverboat landing and Bass Pro that have yet to open, shootings on a regular basis, racist city and county leaders……..just wait until the city files bankruptcy and municipal bonds return 30 cents on the dollar.

  • Cheryl Marty

    I agree Mike, I just pray I can sell and move on. When we were asked to relocate here, We were excited now 5 yrs later and no City leadership, People like Brooks in the county government and nothing being done to move this city forward, the only thing this place has going for it is no winter snow, that is If you can stand to look out bars on your windows to be safe.

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