Atlanta council pension vote likely this week, if not Monday

Ten votes are needed, and late last week several people -- from both the administration and the City Council -- estimated that at least nine council members are ready to vote yes. A poll of council members was inconclusive, as several council members did not want to publicly reveal their hands.

“I don’t think there are 10 votes for any proposal on the table right now,” City Council President Ceasar Mitchell said. “But I believe we have the opportunity to come up with a decision that the employees and taxpayers can live with.”

In addition to Monday's council meeting, where pension legislation is on the agenda, the council has, as a buffer, also set a special work session for Tuesday to answer lingering questions. Mitchell has also called for a special council meeting Thursday where a pension discussion and vote would be the only item on the agenda.

That means that while a vote can happen Monday, it could be pushed back to Thursday -- which would still beat Atlanta Mayor Kasim Reed’s deadline of June 30.

“It appears that council is working hard to move forward on this much needed reform, said Sonji Jacobs Dade, Reed's communications director. "This is too important of an issue for the administration to take anything for granted at this point.”

But after last week, when the Finance Committee forwarded a proposal to the full council with no recommendations -- after the council had previously agreed to wait until fully vetting an alternate proposal by Councilwoman Felicia Moore -- anything is possible.

If 10 votes can be secured, there is nothing to stop someone from calling a vote.

The plan on the table, a proposal by Councilwoman Yolanda Adrean, combines a traditional pension plan that promises reduced benefitswith a 401(k)-style retirement plan that shifts more risk to employees.

It calls for a 1 percent multiplier plus up to an 8 percent fully matched 401(k), with only the first 2 percent mandatory. A recently hired police officer, for example, could expect the defined benefit portion of his pension to be 25 percent of his pay after working 25 years, with the remaining coming from defined contributions, depending on how much they put in.

The proposal also would reduce future cost-of-living increases of retirees’ pensions.

The city, however, would also contribute an amount equal to 2 percent of an employee's pay toward an additional 401(k)-style retirement plan.

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