Atlanta pension fund participants appeal lawsuit dismissal to state high court
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A group of participants in the three Atlanta pension funds appealed the dismissal by Fulton County, Georgia, Superior Court of its lawsuit challenging higher employee contributions for pension fund participants.
The appeal will likely bring the case to the Georgia Supreme Court, which has “exclusive jurisdiction over this appeal,” according to the notice of appeal.
The lawsuit challenges the city's 2011 reform that increased employee contributions to 13% from 8% for employees who had designated beneficiaries and 12% from 7% for those without designated beneficiaries.
The lawsuit contended that the change was unconstitutional due to the state constitution's clause that says no “laws impairing the obligation of contract should be passed.”
The city's three pension funds — the Atlanta General Employees' Pension Fund, Atlanta Firefighters' Pension Fund and Atlanta Police Officers' Pension Fund — had combined assets of $2.5 billion as of June 30, 2013, according to the city's most recent comprehensive annual financial report.
John C. Bell Jr. and Lee W. Brigham, the plaintiffs' attorneys, were not available by press time, and Jenna Garland, press secretary for Mayor Kasim Reed, did not return a phone call by press time.
Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance.
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