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    Tennessee: Bills to change pension plans stall

    By LUCAS L. JOHNSON II | Associated Press – Mon, Feb 6, 2012

    NASHVILLE, Tenn. (AP) — Proposals to change the retirement system for public employees in Tennessee stalled Monday in the Legislature when a joint panel of lawmakers decided they need more study.

    One measure before the Joint Council on Pensions and Insurance expands the statute denying retirement benefits to state employees and officials who are convicted of a felony while in office. Under the proposal, benefits would end if there's a guilty plea.

    However, the state treasurer's office had some concerns with the legislation. For one, it said the measure could be unconstitutional on the grounds that there's no language in the proposal to address restoration of benefits if a court later finds a person is innocent.

    Senate sponsor Randy McNally, an Oak Ridge Republican and chairman of the joint committee, delayed the proposal for two weeks to address the concerns.

    Two other measures were withdrawn from consideration. The proposals are similar and would essentially set up a so-called "contribution plan" for new employees and require the state to contract with an outside financial institution to manage the plan.

    Sen. Brian Kelsey is the sponsor of both proposals. The Germantown Republican said it's important that employees have a plan that will be in place down the road.

    "We've seen other governments that have failed to fulfill their promises to their employees," Kelsey said. "This legislation ensures that ... new employees have their own personal accounts that they know will be there even 30 years from now."

    However, Treasurer David Lillard said there needs to be a comprehensive study of the proposals over the coming year.

    "I don't think we should be taking up the state pension system this year," said Lillard, who was also on the joint committee. "We're proposing changes for new hires only for local governments this year, and i think that's enough for us to deal with at this time."

    ___

    Online:

    Read SB2410, HB2907 and SB2668 at http://capitol.tn.gov .

     

    4 comments

    • PATRICIA AS
      PATRICIA AS  •  Kansas City, Missouri  •  3 mths ago
      If you think a 401K retirement will work, forget it, you will never retire with one of those. The walstreet people will be able to retire if you give them your money. Stock market crashed 2 times while bush was president, my 401k was completey destroyed. I put money into it for 35 years all gone. Thanks repuds for helping wallstreet people make so much money on me
    • PATRICIA AS
      PATRICIA AS  •  Kansas City, Missouri  •  3 mths ago
      Another repud trying to destroy the pension of working people. Stop the war on workers, Where's the jobs you promised. All the repuds care about is tax breaks for the rich
    • littyluv
      littyluv  •  3 mths ago
      Tennessee sucks. I left there for a reason.
    • Mr.Economist
      Mr.Economist  •  Nashville, Tennessee  •  3 mths ago
      The Tennessee Public Retirement System is actually one of the top five best managed in the nation. It is fully funded. It would be ridiculuous to convert it over to a 401K and take away one of the few benefits to state workers. It is a very low paying pension system already. Teachers pay in a certain percentage and only get 45% on their salary at retirement anyways. It seems that the Republican party is bent on making everyone broke and poor except for the top 10%.
     Post a comment
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