County employees may have to contribute to retirement - WALB.com, Albany News, Weather, Sports

County employees may have to contribute to retirement

Posted: Updated:
  • More WALB News10 HeadlinesMore News HeadlinesMore>>

  • Bowl-A-Rama holds Back-to-School Bash

    Bowl-A-Rama holds Back-to-School Bash

    Friday, August 1 2014 11:19 PM EDT2014-08-02 03:19:59 GMT
    James Smith, studentJames Smith, student
    An Albany bowling alley is helping kids have a little fun before they go back to school. Bowl-A-Rama held its first Back-to-School Bash for High School Students in Dougherty, Lee, Mitchell, and Baker Counties. More >>
    An Albany bowling alley is helping kids have a little fun before they go back to school. Bowl-A-Rama held its first Back-to-School Bash for High School Students in Dougherty, Lee, Mitchell, and Baker Counties. More >>
  • Valdosta organization prepares for backpack giveaway

    Valdosta organization prepares for backpack giveaway

    Friday, August 1 2014 11:14 PM EDT2014-08-02 03:14:47 GMT
    Volunteers at Moody Air Force Base pre-packed more than 900 backpacks with school supplies on Friday.More >>
    Volunteers at Moody Air Force Base pre-packed more than 900 backpacks with school supplies on Friday.More >>
  • Sylvester residents gather for National Night Out

    Sylvester residents gather for National Night Out

    Friday, August 1 2014 11:11 PM EDT2014-08-02 03:11:03 GMT
    Scott Vandermolen, Florida residentScott Vandermolen, Florida resident
    A week after 8 teenagers were shot at a party in Sylvester people came together there Friday night to fight crime .A National Night Out celebration was held at Jeffords Park downtown. More >>
    A week after 8 teenagers were shot at a party in Sylvester people came together there Friday night to fight crime .A National Night Out celebration was held at Jeffords Park downtown. More >>

Right now, taxpayers foot the bill for the entire defined benefit pension plan. The county is looking for ways to save money to balance the budget.

 The retirement committee came up with four proposals from having employees contribute 3% to coming up with an entirely different retirement plan.

The committee recommends the 3% employee contribution.

"The committee was very cognizant of the employees current situation as to no cost of living, no raises, and opted for the plan that saved the county some money but retained as much benefit as they could for the employees," said Retirement Committee Chairman Denver Collins Hooten.

The County Commission must approve the proposal. The contributions are expected to generate $645,000 a year for the pension fund.

If approved, the contributions would take effect January first.

 

Copyright 2011 WALB.  All rights reserved.