Go Vote on Tuesday - Mayor, City Council Support All Five Charter Amendments on Pensions

Communications Director

Kristin Farley
(865) 215-2589

400 Main St., Room 691
Knoxville, TN 37902

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Go Vote on Tuesday - Mayor, City Council Support All Five Charter Amendments on Pensions

Posted: 11/03/2014
November 3, 2014 - Election Day is Tuesday, Nov. 4, and Mayor Madeline Rogero is asking City of Knoxville residents to vote "FOR" all five proposed amendments to the Knoxville City Charter that pertain to pension changes.

"Passage of these amendments will result in no cost to taxpayers, and Amendment No. 4 reduces long-term investment risk," Mayor Rogero said.

"All five amendments are common-sense changes that are good for both the taxpayers and for the pension plan, and I encourage all Knoxvillians to go to the polls Tuesday and vote 'FOR' them."

Amendment No. 4 would restrict who is eligible for lifetime annuities. Only the retiree and the retiree's spouse would be eligible; lifetime benefits could no longer be paid to a multi-generational beneficiary, such as a child or grandchild, though other shorter-term options for a child beneficiary remain in place.

Amendment No. 5 would expand the Pension Board by two citizen members with expertise in matters of finance and/or accounting. They must be City residents, and they cannot be employees of the City or beneficiaries of the pension system, nor have family members who are beneficiaries. Adding these two members will provide additional financial and retirement planning expertise to the Pension Board and provide citizens with greater oversight and representation on the board.

Amendment No. 1 amounts to "legal housekeeping" and clarifies language in the charter.

Amendment No. 2 allows City Council and the Pension Board to study alternative forms of benefits, such as a lump sum payment.

Amendment No. 3 allows the council and Pension Board to consider allowing employees nearing retirement to transfer their investments to a more conservative, financially safer plan. Both No. 2 and No. 3 would require final City Council approval after the issues are studied.

Click here to view a more detailed breakdown on each amendment - the actual ballot language, a simple description of what the amendment would do, and an explanation of why Mayor Rogero and City Council support it.

The amendments are listed at the very end of the ballot, after the "City of Knoxville Wine at Retail Grocery Stores Referendum."

Polls are open from 8 a.m.-8 p.m. Tuesday. For more information about where to vote, call the Knox County Election Commission at 865-215-2480 or visit knoxcounty.org/election.