The Shelby County pension board meeting that was held yesterday was fascinating. I wrote about it and the application of Joe Ford to get his pension increased. There was so much going on in that meeting that many other important points were not mentioned in my first report. I try to keep my reports short enough so that you don’t get bored or overloaded.
Here are several more things that you need to know.
- Daryl L. Dyson died and left two children. He worked for the City of Memphis for a number of years but only worked for the County for 1 year before his death. The City of Memphis pension system is written such that they will not pay any benefits for these children so the County will have to pay $1644.08 per child per month even though Daryl Dyson paid very little into the County pension fund. The point is that the two pension systems are not the same and are not compatible but they do allow transfers from one to the other and this is why these situations occur. Julie Ellis would probably contend that this is why we need consolidation. I disagree. What we need is for all local systems (MLGW, Memphis, Shelby County etc.) to reform to a lower cost (to the taxpayer) uniform affordable system.
- I have attached a list of pensions that were approved at the Tuesday meeting. Look at the retirement ages. Most are in the mid fifties, one as early as 45. We (the taxpayers) will be paying these pensions for many, many years. Also we will be paying the majority of their health care insurance for all those years while we work on to social security age and medicare. This is the problem and the inequity.
Next week I will be sending out more information on pension reform and what our sister cities in Tennessee are doing about this problem.