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As pension costs climb, Memphis officials warn of ‘high-level revenue pressures’

FEBRUARY 19, 2020 | by Samuel Hardiman | THE COMMERCIAL APPEAL (TENNESSEE)

By Samuel Hardiman, includes “Chief Financial Officer Shirley Ford told the council Tuesday that the city's mandatory pension contribution — known as the actuarially determined contribution, or ADC  — will climb by $7.8 million in the coming fiscal year. That means it will be about $61.5 million. … McGowen praised the city's fiscal restraint over the past few years, saying the city is like a ‘solid middle-class family’ that can afford to pay its bills but can't buy a new car every year. …”

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