Solution created for employee retirement
After four years of frozen retirement, the City of Tifton voted to unfreeze retirement for city workers.
Mayor Jamie Cater of Tifton says the retirement was frozen, or halted, due to financial instability. Cater says as years went by, the retirement plan started to weaken, so in 2010, the retirement plan was frozen.
Thursday, Mayor Cater and a committee he developed sat down and placed a plan.
The plan they selected is called Retirement Alternative III. Under this plan employees hired before 2008 will receive two benefits. One formula, based on salary earned as of 2010, the other based on salary earned after 2010.
Cater adds, we did this the best we can, especially with this economy, and our workers are happy with what we did.