A new retirement plan was adopted for Bradley County employees Tuesday afternoon. Beginning Oct. 1, the existing plan will no longer be available to new hires. Those who that began working prior to that date will be allowed to join the existing, or “legacy plan.” “The Hybrid retirement Plan” for state employees and teachers, will be employed after Oct. 1.
In this plan, the county may make contributions to the defined contribution plan on behalf of an employee up to five percent of their salary and the employee will also have the option of individually contributing to a 401K.
Teachers in the county already participate in this type of retirement system.
Commissioner Dan Rawls said it is a good thing for individuals to take some responsibility for their own finances, and that he sees this as a benefit for employees. Buti if they do not have extra money, said Vice Chairman of the Board Jeff Yarber, they will not be able to buy individual retirement plans to supplement what is contributed by the county.
If someone does not know how to budget their money, said Commissioner Rawls, maybe the county could provide help in the way of financial planning. Vice Chairman Yarber added that there is a possibility that people will lose their money. Commissioner Terry Caywood said he personally has had a bad experience with a 401K and that a fixed return which is provided with the legacy plan is a sure thing. The Tennessee Consolidated Retirement System is ranked number five in returns, the commissioners were told. Commissioners Caywood and Yarber were the only dissenting votes for moving into the Hybrid Plan.
Some questions that were answered to the commissioners’ satisfaction before the vote included how the change would affect an employee who left the job and returned. If someone is vested, which requires being in the plan for five years, and returns before seven years away from the job, they will be reinstated in the legacy plan. If an employee is not vested or stays away a day longer than seven years, they must participate in the new hybrid plan. If an employee had a break in service and refunded the money contributed by the county on their behalf, they would not be eligible to re-join the legacy plan.
Another vote approved the resolution to amend and update Bradley County’s stormwater management policy, last implemented in 2004. The county was mandated to comply with the national pollutant discharge elimination system from the U.S. Environmental Protection Agency.
A unanimous vote by the commission rezoned property located at Stiles Avenue which had been recommended by the planning commission. The land was previously designated as High Density Residential District (R-2). With the vote, the zoning was changed to Rural Commercial District (C-1). Commissioner Thomas Crye said that the property is completely surrounded by commercial zoning so the change would cause no harm.