County Set To Adopt New Hybrid Pension Plan Launched By The State

  • Thursday, March 12, 2015

Hamilton County is set to adopt a new hybrid pension plan launched earlier by the state.

County Mayor Jim Coppinger said existing employees would remain on the Tennessee Consolidated Retirement System.

Employees hired on Oct. 1 and afterward would be on the new plan.

Officials said the county currently contributes 14.33 toward employee pensions. Under the new program, the county's share would be locked in at nine percent.

However, the county will be contributing five percent to a new 401K program.Employees will be encouraged to also make contributions to the 401K.

Under the present system, employees do not become vested until they have been with the county for five years. It was noted that those who leave the county prior to the five years would be able to take with them the amount the county has put into the 401K.

Others on the hybrid pension plan, in addition to the state, are the Hamilton County Schools and Chattanooga State Community College.

Click here to read the plan.

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