Pension & Deferred Compensation

General Pension Plan

The General Pension Plan can assist you with these goals by offering a lifetime benefit with annual cost-of-living provisions. As a participant, you contribute 2% of your pensionable earnings.

In addition to your contributions, the City of Chattanooga contributes an additional percentage of your earnings, determined each year, to fund the future benefit and maintain the actuarial soundness of the pension plan. The City’s contribution varies from year to year based upon the recommendations of the Plan’s actuary and the General Pension Plan Board of Trustees.

The Trustees of the General Pension Plan provide for the growth of your contributions and the City’s contributions by establishing investment strategy and objectives that include investment in the stock market, the bond market, and alternative investments, such as real estate or international investments, utilizing the talents of actuaries, financial consultants and asset managers. The combination of your contributions, the City’s contributions, and effective investment growth of these assets as managed by the Board of Trustees can provide a lifetime of retirement benefits for you.

Deferred Compensation Plan (457 plan)

The City of Chattanooga offers to all employees a deferred compensation plan through Mass Mutual, Nationwide, ING and ICMA, national investment and insurance companies specializing in deferred compensation plans for governments (also known as 457 plans).

Comprehensive participant services include:

  • On-site enrollment meetings.
  • Individual retirement education sessions with a local/regional representative.
  • Educational materials for participants at all stages of the retirement planning.
  • Quarterly Statements of Account and informative newsletters.
  • Toll-free customer service number with transactional capability.

Important program features include:

  • A wide variety of investment choices, professional managed by some of the best-known money managers in the industry, and spanning the risk/reward spectrum.
  • Multiple investment platforms to choose from.
  • Full service and investment only alternatives.
  • Competitive General (Declared Rate) Account rates.
  • A variety of annuity payout options.
  

More Information

A comfortable and secure retirement is what everyone strives for as we transition from the workforce into retirement.The programs that the City of Chattanooga provides will help as you plan for retirement. So ENJOY - retirement provides a new and exciting adventure!

www.chattanooga.gov/general-pension-plan


For further information about The City of Chattanooga’s deferred compensation plan, you can contact, Paul Boylan, at (423) 642-7381 or at boylan_p@chattanooga.gov.