Like many other cities Chattanooga has its own pension funding problems. Is it time to consider a change ? Maybe grandfather those already in the system and support their benefits with a bond issue. Future new hires could go into a defined contribution plan and participation in social security much like the private sector !
One thing I don't understand is why the pension fund balance hasn't bounced back since 2009 like the rest of most of investor's portfolios ?
A noteworthy comment from a Bloomberg article about Detroit's pension problems.
"Politicians, and a significant section of the public live, in a fantasy land where benefits and entitlements flow like honey and mysteriously are paid for by the "rich" or some other endless pool of resources because, after all, these people are "owed" these benefits. Any business run like most government units would long ago have hit the wall due to the level of malfeasance and lack of leadership that exists in most branches of government. Politicians are only concerned about what promises they can throw out to get some dimwit to vote for them.
In the real world your revenues match your expenses or you get to take a seat by the side of the road. The party is close to ending and it will not end well for unions, progressives and other "takers" who seem to ignore the basic concepts of economics, which do not allow you to spend more than you have over an extended period of time. And for all of you that think the politicians are on your side...guess what; they are part of "the rich," which they rail against and will certainly take care of their interest first. America, you've been "plunked" by your public "servants."