Regarding the Proposed Change in the Retirement of Future City of Murfreesboro Employees As we have seen in the recent months, the stock market is not the place to solely put all of our faith and trust regarding retirement funds.  Yes we know that the City’s pension fund has a diverse number of investments.  We also know that the fund is limited to the amount of aggressive type funds that may be invested. The following is a list of reasons why we do not support a defined contribution type of pension fund for future employees. The Present Fund is Sound.    The pension board has done an excellent job concerning our present retirement plans. Investments over the past few years have proven to be good and the amount of contribution by the city government will actually be reduced in years to come. Employees rely on Expert advice.  Firefighters as well as other city employees are not MBA’s. Even having a business degree does not insure that the investments that one makes will lead to a comfortable retirement. With a possible change, the volatility of the market over the next 30 years does not guarantee that employees will be able to retire in a respectable manor. For example, how many of us use the ING 457b plan and have lost a great deal of money in the last stock market down turn, would you be able to retire if this was all that you had? How will the new plan be administered and were will the funds come from to start up the program? Turnover within the Departments will be greater.  Consider how loyal the new employee will be to the City of Murfreesboro.  If an employee sees grass that may be a little greener on the other side, they will just roll over there retirement and leave.  Possibly good firefighters, police officers along with other employees who have received their training here in Murfreesboro will have it easier to move to another local. Turnover will increase and seasoned well trained employees can and will disappear. Please encourage the city council not to change the retirement plan for future employees.    ______________________________________________________________ New Officers 2008-2009 President -               Keith Bratcher Vice President -      Randy (Bubba) Jones Secretary -               Raleigh Marlin Treasurer -               John Avaritt A- Shift Rep -           not decided yet                    Trustee - B- Shift Rep -           Marco King                            Trustee -              Dustin Liddell C- Shift Rep -           Mark McCluskey                   Trustee -              Mike Adams                                                             MFFA3035