There were five separate pension measures on the Knoxville ballot yesterday – and voters approved all five by a large margin.
The measures weren’t as far-reaching as more controversial reform initiatives such as Phoenix’s Proposition 487.
But they still introduce changes to Knoxville’s retirement system. Among the changes: more investment options for workers covered by the city’s defined-contribution plans and the appointment of finance and accounting experts to the city’s pension board.
The five measured, explained by WBIR:
No. 1: Better clarifies some terms and is essentially nothing more than housekeeping and cleaning up language.
No. 2: Gives city leaders the authority to consider granting retirees the option to take a single lump payment when they retire rather than receiving monthly payments. Note that it doesn’t automatically grant officials the option, but rather the chance to study whether they want to do it.
No. 3: Could lead to those employees covered under a contribution plan (think: 401K) to have a say in how their dollars are invested. Or at least there could be more options than what the city currently sets aside for them.
No. 4: This amendment…says that only the retiree’s spouse would be eligible for his/her retirement benefits. Right now, children and grandchildren can get them.
No. 5: This amendment…would add two new spots to the pension board. The new members would have to have expertise in finance and accounting, they would have to be city residents and they could not be city employees or folks who receive pensions from city employees.
The specific language of the measures can be found here.
Photo by Elektra Grey Photography