All tax paying residents of FC please read!

I received this by email, and think it is informative and critical enough to share.

WILL YOU COMMIT TO FUNDING A LIFETIME PENSION PLAN FOR FAYETTE COUNTY EMPLOYEES?

What you need to know as a tax paying resident of Fayette County...

The Fayette County Commission has been studying the potential of implementing a DEFINED BENEFIT program for Fayette County Employees.

For clarification, most people have access to a DEFINED CONTRIBUTION program (such as a 401k or in the case of the county a 403b). County employees currently have access to
this type of plan where they can contribute from their own payroll, like you and me.

A DEFINED BENEFIT plan is one where an employee will receive a pension for life, and this income stream is a commitment that you as a tax payer will pay FOREVER.

For instance, for each employee the county will have to commit (YOUR TAX MONEY)enough funds to pay the employee when they retire an amount of $25, $30, $50 or even $75,000 per year until they die. For a retiree that quits work at 65 that could easily be until they are 95 or 100…that’s 30 or 40 years!

Companies such as GM, FORD, DELTA, (and other airlines) have been getting rid of, and in some cases going bankrupt due to the STAGGERING HIGH COST of funding DEFINED BENEFIT PLANS.

Irony is, many people in Fayette County have lost all or some of their Delta pension, and will now be asked to personally fund one for county employees through their tax dollars.

Henry County and Fulton County, to name a few local municipalities, are currently finding that the DEFINED BENEFIT PLAN they installed is DRAINING COUNTY RESOURCES.

It is difficult to believe that at a time when the economy is in trouble, money is tight, layoffs are high and rising, that the FAYETTE COUNTY COMMISSION would even entertain this idea of committing precious tax dollars for an eternity.

If you don’t want to pay this ongoing commitment for eternity, then PLEASE ATTEND THE FAYETTE COUNTY COMMISSION MEETING ON NOVEMBER 13th at 7PM to make your voice heard. Anyone who attends will be allowed to make their opposition to this action known to the board.

FAILURE of a large number of people to show up at this meeting will encourage the Commission to vote and approve this commitment to spend your money on this plan.

THE MEETING IS HELD AT THE BUILDING AT THE CORNER OF HWYS 54 & 85.

County Commissioners’ Office
Fayette County Administrative Complex
140 Stonewall Avenue West
Suite 100
Fayetteville, Georgia 30214
Phone: 770.305.5200

7PM THURSDAY NOVEMBER 13th 2008