Employee Benefits Review Committee - July 16 2026

The Employee Benefits Review Committee meeting held on July 16, 2026, focused primarily on evaluating the city's retirement plan options, including a comparison between the current Voya 401(k) plan and the Tennessee Consolidated Retirement System (TCRS) hybrid plan. Committee members discussed fee structures, employee and city contribution rates, and the potential long-term benefits and drawbacks of each plan. They emphasized the need for clearer, personalized employee education and better customer service from plan providers. The committee agreed to request detailed scenario analyses from representatives, including Greg Lawrence, to compare retirement outcomes for employees of different ages under both plans. They also considered exploring alternative providers to improve service quality. A follow-up meeting was scheduled for July 27, 2026, to review these analyses and make recommendations to the city council.