Could Some Area Workers Lose Their Pensions?

Alabama Economy Prichard's pension fund could run out of money this summer.

by Steve Alexander

Published: Thu, March 12, 2009 - 9:29 pm CST Last Updated: Thu, March 12, 2009 - 10:05 pm CST

Imagine working for more than 30 years counting on a pension and then learning you may only get a portion of it, or maybe, nothing at all?
That's what some city workers in Prichard are afraid could happen to them.
Prichard's mayor and city council members are trying to make sure the city pension fund doesn't run out of money.
Ken Turner said he worked for the Prichard Fire Department for more than 30 years.
Turner said, "Our concerns are that without our pension coming in, we aren't going to be able to live."
When asked what would happen if he lost his pension, C.W. Currie said, "I wouldn't be living under any bridge, but I'd be close to it."
Both Currie and Sidney Anderson said they worked for the Prichard Fire Department for 32 years.
Anderson said, "I pay my water bill, gas bill, power bill. Got to have it (the pension)."
Currie also said, "I quit International Paper Company in 1965 to come to work here making one third a year what I was making with International Paper Company because of the pension and retirement benefits it had, not for the money."
On Thursday, the Prichard City Council talked about ideas to try to keep the municipal pension fund afloat.
City officials said, for years, the system has been paying out more than it has taken in, and it could run out of money by the summer.
Mayor Ron Davis said the city has just hired a new law firm and Thursday the council voted to postpone taking any action for a week.
Davis said, "While we're concentrating and want to make sure the (retired) employees are taking care of, we definitely have got to look out for all our citizens in Prichard and make sure we're going to be able to provide the services to them."
Could the city file for bankruptcy again as it did ten years ago?
Davis said, "All options are on the table, but I'll tell you this: bankruptcy is my last option."
There are more than 190 retirees in the pension system.

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amy9219 Says:

Fri, Mar 13, 2009 at 4:37 pm

I cant believe this is happening. How are they going to make it??? These individuals put there life on the line to protect the citizens and the City of Prichard. I cant believe they let the situation go this far. They deserve their pension. With all the bail outs going in our country right now where is the one for them. The rich are getting rich and the poorer are getting poorer!!! Why arent the current employees working for the City of Prichard putting in to the pension fund?