Within the next seven months, Fayette County's employees will have a new retirement plan.
With a 4-1 vote Wednesday afternoon, the County Commission set in place the conversion from a strict direct contribution benefits plan to a hybrid plan that will feature a defined benefits component. Defined benefits will provide retiring county workers with more of their pre-retirement income, but employees will have to make a mandatory 2 percent contribution of salary towards the plan.
Commissioner Peter Pfeifer cast the lone no vote and said too many unanswered questions remained about switching to the plan.
The plan is slated to be implemented by July 1,2008.