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Freestone County officials discuss retirement funding scenarios, payroll impact and trial of TimeClock Plus; motion to table for more information
Summary
Officials discussed options to address retirement funding and payroll costs — including 1% and 3% contribution scenarios that staff said would raise contribution rates to about 13.79% or 14.56% — and considered a trial of TimeClock Plus and consolidating PTO. A motion to table the matter for more information was made.
Freestone County officials at a county meeting discussed options for employee retirement funding, possible payroll increases and changes to timekeeping and paid-time-off policies, and agreed to gather more information before a final decision.
Staff member 1 said, "I don't know what number he used, but at 3%, what we have is 6,000,000 annualized payroll. It sits about 8 49000, and each year is about 24,600. Increase." Staff member 2 later summarized the modeled scenarios: "if we did a 1% increase, it would raise the percentage to 13.79. But if we did a 3% increase, it would raise it to 14.56, and that would be about $40,000 more." Staff member 2 also said the county currently pays "12% that we have now that we're paying."
Why it matters: the rates and one-time payment options discussed affect how much the county will contribute for retirement/benefit obligations each year and therefore the county budget available for other services and wages.
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