MARIETTA - Cobb County's employees will likely soon be paying more toward their retirement benefits, if a proposal presented by the pension trustees wins the consent of county commissioners this fall.

Virgil Moon is the county's director of support services and also chairs the pension plan's board of trustees.

"We began discussing this last year because we knew the market was bad. We were kind of ahead of the curve a bit," Moon said.

A summary of what the board has proposed follows, and affects all 4,200 full-time employees and future employees, Moon said.

* Employees who have seven or more years of service on Dec. 31, 2009, will stay in the current Defined Benefit Plan with no benefit changes. Those employees' contributions will increase gradually over 13 years, from five percent in 2009 to 8.75 percent in 2023. The county's contributions will increase from 11.5 percent in 2009 to 13.5 percent in 2015. The county has 2,500 vested employees.

* Employees who have less than seven years of service on Dec. 31, 2009, will have a choice of whether to stay in the Defined Benefit Plan or switching to a new Hybrid Defined Benefit/Defined Contribution plan. Those staying with the current plan will see the same contribution increases as vested employees, again without benefit changes. Those choosing the hybrid plan will contribute five percent. The county will contribute 10 percent, and up to 11.5 percent by 2015.

Among notable differences with the hybrid plan are that vesting would require 10 years of service, and that military service prior to employment will no longer count as service time. Among notable differences with the hybrid plan are that vesting would require 10 years of service, and that military service prior to employment will no longer count as service time.

The defined contribution component of the hybrid plan is voluntary and is similar to private 401(k) plans. Employees would be able to contribute an additional portion of their salary into this fund, with the county matching 50 cents for every dollar, up to two percent.

nNew, full-time employees hired after Dec. 31, 2009, will be required to participate in the hybrid plan.

In a memo to county Chairman Sam Olens, Moon noted that "due to the historic losses in financial markets, as of January 1, 2009, the actuarial fund assets were only 52% of fund liabilities. Our plan cannot be continued for the long term if the funding levels remain this low."

The county has scheduled meetings at various sites to meet with employees. The first meeting will be at 7 a.m. Sept. 15 at the Sheriff's muster room.

Moon said the feedback so far, though limited, has been positive.

"People are glad we don't have to cut their benefits. Frankly, they're good benefits," he said. "We are trying to come up with a plan that is affordable for employees but also for taxpayers. Under the current benefit, the county is 100 percent liable. But under the new plan, we're putting most of the burden on the employee."

The changes would not affect the county's 1,300 current retirees.