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HUNTINGDON (April 29) — Carroll County Electric Department employees will remain with the company’s current retirement system. A survey of the employees indicates a majority preferred the current plan instead of the proposed Tennessee Consolidated Retirement System.
During a meeting of the Board of Directors on April 29, Ryan Drewry, office manager, presented the results of a survey of employees which indicated 100 percent of the respondents indicated they would not want to switch to the state’s defined benefit plan if they had to contribute five percent of their income toward retirement.
Presently, the department contributes an amount equal to approximately 12 percent of eligible employees’ pay toward their individual retirement. The employees do not have to match and the employees choose what investments are selected.
One hundred percent of the employees indicated they were satisfied with the current plan.
For months, the Board considered switching to the TCRS and when the final costs to join were presented, the employees chose to remain with the current plan.
Terry Howell, chairman, asked for a motion from board members to concur with the result of the employees’ survey. The motion was approved unanimously.