KCSO responds to pension plan vote

7:42 PM, Nov 7, 2012   |    comments
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Captain Rick Trott speaks with 10News Wednesday.

The Knox County Sheriff's Office explains how a new benefit plan will impact them.

"The candidates we would like to have as employees, I think they will seek employment elsewhere," said Captain Rick Trott with KCSO.

Knox County voters overwhelmingly approved a charter amendment to end the Uniformed Officer Pension Plan.

Some voters believe it is a cost cutting measure.

"Defined benefit pensions were designed to allow that officer to retire with dignity because their life expectancy is shorter simply because they are a law enforcement officer," Trott added.

A new benefit plan must be approved by 2014.  Knox County's Charter Review Committee is in charge of the layout.

A new defined contribution plan could replace the current benefit plan.  The contribution plan is described like a 401(k) many employees have.

"Instead of a guaranteed check every month, their pension savings will be determined basically by the market.  By the market and performance of the investments and would no longer be underwritten by the tax payer," said Knox County Commissioner and Charter Review Committee member Ed Shouse.

Shouse said the change could save up to $10 million more than the current plan 10 to 20 years down the road.

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