Hendersonville Public Safety Employees Show Strong Support for TCRS Bridge Supplement

In a recent survey, a significant majority of Hendersonville's public safety personnel expressed support for enrolling in the Tennessee Consolidated Retirement System (TCRS) Public Safety Bridge Supplement.

 

Following informational sessions approved by the Hendersonville Board of Mayor and Aldermen in March, public safety employees participated in an anonymous survey to gauge interest in the program.

 

The results indicate that 51% of respondents strongly agree with adopting the TCRS Bridge Supplement, while an additional 19% agree. Fourteen percent remain neutral, 9% disagree, and 7% strongly disagree.

 

The TCRS Public Safety Bridge Supplement is designed exclusively for public safety employees, aiming to bridge the financial gap between retirement and the commencement of Social Security benefits.

 

Hendersonville Firefighters Association President Stephen Ryan emphasized that the supplement does not alter the foundational pension structure. "It is a seven-year maximum supplement designed to bridge you to Social Security," Ryan explained.

 

Under TCRS, all members can opt for a 25-year retirement. However, public safety personnel face a 0.6% penalty for each month short of 30 years, potentially reducing pensions by up to 24% for those retiring at 25 years.

 

The bridge supplement eliminates this penalty for public safety employees aged 55 or older with 25 years of service, providing a supplemental benefit for up to seven years.

 

Ryan noted that most first responders plan to work the full 30 years, utilizing the supplement to support them until they qualify for Social Security at age 62.

 

Hendersonville Fire Chief Scotty Bush highlighted that municipalities like Goodlettsville, Brentwood, Clarksville, Kingsport, Maryville, and Jackson have already implemented the TCRS Bridge Supplement.

 

Recognizing the demanding nature of public safety roles, Bush stated, "We know that public safety officers’ jobs are very demanding on the body, the mind, and how we function day to day."

 

Alderman Jeff Sasse initiated further investigation into the program after learning about it a year ago. The city coordinated with TCRS to provide accurate information to staff through presentations and recorded sessions.

 

Following the informational sessions, the city conducted a survey to assess interest among public safety officers. Sasse emphasized the importance of this data in evaluating options for implementing the program.

 

With the survey completed, the next step involves city staff reviewing the collected information. Sasse anticipates bringing an ordinance to the finance and public safety committees by the end of the year to discuss implementation.

 

Due to the financial implications, the program would likely need approval in the next fiscal year's budget, with potential implementation taking an additional 23 months.

 

Sasse acknowledged public support for the initiative but noted concerns about funding. "I’ve seen a lot of support from the public on this from citizens, but they’re all asking the same question: how do we pay for it?" he said.

 

In related developments, the Tennessee Consolidated Retirement System reported a 10.06% investment return for the fiscal year ending June 30, 2024, adding over $6.2 billion to its portfolio. This performance underscores the system's robust financial health, potentially benefiting programs like the Public Safety Bridge Supplement.

 

Additionally, the City of Kingsport rejoined TCRS effective January 1, 2023, implementing the bridge benefit for public safety employees. This move aims to provide a more competitive retirement plan and enhance employee retention.

 

As Hendersonville evaluates the TCRS Bridge Supplement, these developments offer valuable insights into the program's potential benefits and implementation strategies.