The closer Atlanta City Council gets to coming up with a pension deal, the further away it seems.
With a deal supposedly done, instead of voting, the council is currently considering closing today’s special call meeting until as late as next Wednesday.
Council President Ceasar Mitchell, said the new option, which is said to save the city $25 million annually, has to be vetted, legislation has to be drafted and a consensus has to be built, before the body can vote.
“This is just a ball of confusion,” said Councilmember Cleta Winslow. “Why we would adjourn a special call meeting to call another one?”
The board finally voted to recess until 3 p.m., to give themselves more time to hash out a deal. A vote appears unlikely.
“There are not 10 votes to decide what we want on a pizza today, much less pass pension reform,” said Howard Shook.
According to Atlanta Mayor Kasim Reed's office, the new plan -- a hybrid of two proposals crafted by councilmembers Yolanda Adrean and Felicia Moore -- would look like this:
Changes for Current employees in defined benefit plans:
- Employees would contribute an extra 5 percent to keep their existing benefits with no other changes. Contribution goes up to 13 percent (with beneficiary) or 12 percent (with no beneficiary).
Changes for Future employees grade 18 below or sworn APD/AFR:
-Employees go into a hybrid plan with a 1 percent defined benefits (8 percent employee contribution) a 3.75 percent mandatory defined contribution (100 percent matched) and up to 4.25 percent voluntary defined contributions (100 percent matched by city).
-15 year vesting for defined benefit and 5 year vesting for defined contributions.
Other changes in defined benefit portion for future employees grade 18 below or sworn:
-Addition of two more years to retirement age (62 for general employees and 57 for police and fire).
-Retirement no more than 10 years earlier than normal retirement age.
-No application of sick leave in defined benefit.
-Highest consecutive 10 year salary applies.
No change to current employees in defined contribution plan and all future employees grade 19 and above continue to go into a 6 percent defined contribution plan.
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