Memphis city pension fund short by millions - FOX13 News, WHBQ FOX 13

Memphis city pension fund short by millions

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No matter how you look at it, Memphis' pension fund is millions of dollars in the hole.

But Mayor A C Wharton says independent experts hired by his administration and the city council agree the total pension shortfall is $551 million. Last time they ran the numbers both parties came up with different results.

MORE: Pension tension at city hall

Mayor Wharton is proposing shifting new city workers to a 401k-style plan. City leaders say something needs to be done to bridge the budget gap.
 
"We now get to the roughest part of it," Mayor Wharton said. "You think it was difficult coming up with a common number? The question now is how in the world do you pay for it."

"When you take all the politics out of it and just look at the math of it, it's crying out for something to be done," added Councilman Shea Flinn. "That we have limited options on what we can do, we just have to pick between those."

The pension shortfall is driving this year's budget debate. It will be a big factor in how much Memphis residents pay in property taxes next year.

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