Updated 10/16/19

City employees enrolled in Pulaski’s Defined Benefit Plan could be eligible to access their retirement funds earlier under a proposed amendment that was discussed during a recent work session of the Pulaski Mayor and Alderman.

The proposed amendment would allow any eligible participants in the Defined Benefit Plan having 20 years of service, to draw money from their retirement program as early as age 55 compared to the previous age restriction of 65.

City Administrator Terry Harrison reported the amendment does not allow employees to retire early, but rather allows eligible participants of the program to access their funds with a deduction. The rate would stay constant at a 3 percent deduction for each year if the funds are accessed early.

Harrison told the board employees would not be retiring and the only thing that would stop is further contributions into their retirement funds... For every year the employee retires early, from age 65, it is reduced 3 percent

Alderman Rickey Keith said it would cause some loss to the total of the retirement plan, but they would know that going in.