Moving forward in the New Year: leaders reflect on employee retirement debate WREG-TV//CAITLIN ALEXANDER//JANUARY 1, 2015 MEMPHIS, Tenn. – City and county leaders met for breakfast and prayer New Year’s Day to reflect on the past year and look ahead. City Councilman Myron Lowery organized the event, as he has in past years. Lowery reflected on the struggle between city government and City of Memphis employees over employee pensions in 2014. Council members passed Councilwoman Wanda Halbert’s plan earlier this month. In the future, city employees with less than seven and half years of service will have a hybrid plan. Part of that plan is like a 401(k), and the other component is a professionally-managed plan. Employees that have been with the city longer than that will not see a change. Some city employees remain unhappy with the deal. Lowery said the changes reduce taxpayer obligations. Lowery said he hopes the city government will be able to help city employees in the near future. That could be through bonuses or pay increases. Mayor A C Wharton also spoke with WREG about the issue. “This is a painful process we had to go through, had no choice. Now’s the time to sit down and begin, I don’t mind saying it, to begin mending fences if you will,” Wharton said. The new plan takes effect January 2016. Speakers at the event also addressed youth violence, blight, and economic growth.
Posted on: Fri, 02 Jan 2015 04:12:43 +0000
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