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Pension Reform 101: Why Contacting Your Council Member Matters

Last week, in our Breakdown: Pension Reform blog, we presented graphics and information to  explain why we must change our pension system to a Defined Contribution. We also launched Pension Reform 101, a weekly email series that aims to break this issue down into manageable pieces so that we can stay informed and act, together. (You can subscribe here.)

The pension crisis is one of the biggest issues Memphis has ever faced, and we've got a short amount of time to make a difference. Luckily, there’s something you can do right now that will help. 

Go to ReformMem.com and click the yellow “EMAIL ALL” button. You will be able to send our City Council a personal message telling them Memphis needs to move to a Defined Contribution plan (similar to a 401(k)). Your opinion matters and it will affect their decision when it comes time to vote for pension reform. This gesture seems small, but it will have a large impact on our city’s future. Our elected officials care about your opinion. It’s time to share it.

In the coming weeks, we will be sharing what other cities are doing to address their own pension problems and other helpful information you can use to engage your friends, family and most importantly—your Council member.
Posted: 5/1/2014 9:03:18 AM | with 2 comments
Filed under: chamber, contribution, defined, memphis, pension, policy, public, reform, work




Comments
Scott
Can you tell me WHY this is of ANY concern to the Greater Memphis Chamber?! Very telling.
5/2/2014 3:05:05 PM

Joe Norman
A true 401k supplements Social Security benefits. This plan does not include Social Security, it is a savings account only.

The City of Memphis contributes only 3% of the budget to the pension plan, the least amount of any other municipality in the U.S. (MorningStar report, WSJ, 11/2013).

City employees contribute more to the pension fund than the City does (only municipality we can find that contributes less than the employee).

The City of Memphis pension fund has over $2.2Billion in assets, over $100million more than before the recession.

The City Council has hired an actuary. Why is the Chamber getting involved in this prior to the actuarial report being presented, or even involved at all?

Get the TRUE facts @ memphispension.org
5/2/2014 2:13:05 PM

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