County faces retirement funding crisis as agreements expire

During a recent government meeting, officials discussed critical issues surrounding the county's retirement system and the airport authority's financial obligations.

A key point raised was the county's employer match obligations for employee retirement contributions. Currently, the county is fulfilling its required contributions, which are set to continue for the next seven years. After this period, the county's obligations may change based on investment performance and funding levels. Officials noted that the county's contributions have been increasing, with the system's funding level rising from approximately 45% in the past.

Additionally, concerns were expressed regarding the airport authority's failure to meet its financial obligations. A memorandum of understanding that previously governed these contributions has expired, leaving about $5 million still owed. County officials emphasized the need for a new agreement between the county, the airport authority, and the retirement system to ensure these contributions are met moving forward. Management has agreed to work on establishing this new agreement to address the shortfall.

The discussions highlighted the importance of proactive financial planning and collaboration among various entities to secure the county's fiscal health and retirement system sustainability.