There have been a suspicious number of retirements this year in the Chattanooga Fire and Police Departments—and the city’s Fire and Police Pension Board says it’s not a coincidence.
Chattanooga Mayor Andy Burke recently put together a task force of lawmakers to come up with “concrete proposals” for reforming the city’s Police and Fire Pension Fund, which is currently only 51.8% funded.
The proposals have started rolling in, and many high ranking Police and Fire officials have begun rolling out—retiring to protect their pensions from being altered.
Forty-two officers and firefighters have retired in 2013—including Police Chief Bobby Dodd—which is double the number of retirees in an average year.
The latest proposal from the city would increase retirement ages, reduced cost of living adjustments, and raise minimum employee contributions from 9% to 13%.
Chris Willmore, President of Pension Board said the city’s proposal “will likely lead to a mass exodus from people of all ages and ranks.”
From the looks of it, the exodus has begun.
Mayor Burke will decide on a reform plan by December 31st, although that timeline could be extended.