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Lewisburg council reviews $57,061 city liability for TCRS prior-service buybacks and votes set for next meeting
Summary
City staff told the mayor and council the city would need to remit $57,061 to the Tennessee Consolidated Retirement System to allow certain employees to buy back prior service; council directed staff to bring formal resolutions next week and discussed offering a TCRS 401(k) option at no cost to the city.
Lewisburg City officials discussed whether the city should fund a $57,061 employer contribution to allow up to 26 employees to buy back prior service under the Tennessee Consolidated Retirement System (TCRS), and agreed to consider formal votes at the next regular meeting.
City finance staff told the council the $57,061 is a fixed employer liability that must be remitted to TCRS before any employee can apply to buy back the prior-service time. "The city's liability would be 57—well, it's actually $57,061—that would have to be remitted to the state, TCRS, as our contribution for that time to be bought back before any one employee can apply to buy back their service. That's a solid number," said Debbie Montgomery, a city staff member.
The matter matters to employees who were in a waiting period when Lewisburg froze its prior 401(a) plan and later enrolled in TCRS. Montgomery said 26 employees fall into that group and that the employer contribution is…
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