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Johnson City Power Board to look at retirement plan

November 28th, 2012 9:06 am by Madison Mathews

Johnson City Power Board to look at retirement plan

The Johnson City Power Board’s board of directors voted Tuesday to establish a retirement committee designed to deal with the utility’s retirement plan and other issues.
Board member Phil Carriger made the motion to form the committee and the motion passed unanimously.
Retirement issues had previously been dealt with under the board’s Finance and Audit Committee.
The creation of the new committee is an extension of the board’s dedication to being more involved with Power Board employees.
“We’re going to have meetings that we haven’t had in the past, and I think there’s going to be a lot more communication between the board and the employees than what we’ve had in the past,” Carriger said.
Prior to Tuesday afternoon’s meeting, the Finance and Audit Committee met with legal counsel from Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, to discuss the company’s retirement plan. The committee asked the attorneys to prepare a study that will look at the true costs associated with the plan and the contract they have with Nationwide Life Insurance Co.
The committee also tasked Brent Kitzmiller, the utility’s chief financial officer and interim president and CEO, to draft a capital improvement plan to present at the December meeting.
In other business, the commission:
n Approved a $193,347 bid from Garnet Electric Co., Inc. to replace a transformer at the Phipps substation on Cherokee Road.
n Approved a $37,939.15 bid from Williams Electric for a rebuild of the underground infrastructure at the Carter Crossing subdivision near Willow Springs Park. The work is expected to take about six to eight months to complete.

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