Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
PRB presses Nacogdoches hospital district for legal and actuarial answers as retirement plan faces shortfall
Summary
At a Pension Review Board meeting, Nacogdoches County Hospital District officials said the frozen retirement plan holds about $32 million (roughly 70–71% funded). Board members urged the district to seek an Attorney General opinion, complete termination and ongoing actuarial valuations, and improve member communications.
Nacogdoches County Hospital District officials told the Pension Review Board on Dec. 11 that the district’s frozen retirement plan currently holds roughly $32,000,000 and is about 70–71% funded, leaving potential unfunded liabilities that require careful legal and actuarial work before any decision is made. The board pressed the district for both an Attorney General opinion on whether sales tax revenue could lawfully shore up the fund and for two actuarial valuations — one on an ongoing basis and one on a termination (annuity-purchase) basis.
The district’s CEO, Rhonda McCabe, and CFO, Lynn Lindsey, recounted steps since the board’s September hearing, including member outreach meetings in October and a special board meeting that deferred a vote because of absences and conflicts of interest. Lindsey said the district has contracted a new actuarial firm and expects the actuary to begin detailed…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
