The unions representing Atlanta's firefighters and police officers are suing the city over pension reform measures approved two years ago.
The unions, in a suit filed in Fulton County Court, contend the changes to the pension system, which was facing $1.5 billion in future unfunded liabilities, would cost plan participants "over 50 percent more to purchase the same amount of retirement benefits to which they already were entitled."
Public pensions across the country have come under increasing pressure as new methods of calculating liabilities have widened the gap between current assets and future needs. In many places, payments to pension plans have eaten into budgets. In Atlanta's case, they consumed 20 percent of the city's budget. The reform plan was designed to save more than 500 million over 30 years.
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