Knox County May Consider Hybrid Pension Plan

Knox County deputies are afraid there will be a charter amendment on the ballot this year to abolish the defined benefit plan passed by the voters that now covers them. If that occurs, look for the deputies to take a page from the city, and Mayor Madeline Rogero, and try and get the county pension board to come with a “hybrid” pension plan.

The hybrid would have a two-tiered track, retaining the defined benefit plan, but also include a defined contribution plan (like an IRA).

Both the city and county pension plans have shortfalls due to hits on the stock market in recent years and the county plan has the further liability of having been set up with borrowed money rather than a tax increase to fund it.

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