Commission considers $400 actuarial study to evaluate hazardous-duty retirement supplement under TCRS

City staff asked the commission to authorize a $400 actuarial study required by the Tennessee Consolidated Retirement System (TCRS) to determine the fiscal impact of offering a hazardous-duty supplemental retirement benefit for eligible public safety officers.

Director Perry explained the proposed benefit would provide a supplemental payment to eligible retirees among law enforcement officers, correctional officers and firefighters, calculated using years of service and final compensation. She said the first eligibility requirement is retirement under TCRS rules with at least 20 years of creditable service; other eligibility and design details would be set if the city later decided to adopt the enhancement.

Director Perry described three funding options the city could choose if it moved forward: a lump-sum payment approach, an increase to the employer contribution rate, or an amortization schedule. She said the governing body must pass a resolution authorizing an actuarial study to receive a formal cost estimate from TCRS and that the requested study cost is $400.

Commissioners asked who conducts the study (TCRS) and about expected timing; staff said an exact turnaround was not specified and that results likely would not arrive before the FY26 budget vote. Several commissioners emphasized that authorizing the study would not itself commit the city to adopt the benefit and that any implementation would require a subsequent budget appropriation or amendment.

No formal vote on offering the supplemental benefit is recorded in the work session transcript; staff requested permission to order the actuarial study so the city can evaluate cost implications before making any funding decision.