Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions Retirees topic
No spam. Unsubscribe anytime.
Commissioners approve 2% retiree COLA and adjust TCDRS elected rate for 2025
Summary
The court approved a 2% cost-of-living increase for TCDRS retirees and set the TCDRS elected contribution rate for plan year 2025 at 12.0%; the COLA vote recorded two commissioners abstaining due to retiree status.
Taylor County Commissioners on Tuesday approved benefits changes affecting retirees and county pension contributions for plan year 2025.
County staff presented a recommended 2% Cost-of-Living Adjustment (COLA) for retirees under the county’s TCDRS plan. Mister Anderson explained the county’s required contribution rate (about 10.94% before the proposal) and projected that adding a 2% retiree COLA would raise the required rate to about 11.42%, which remains below the county’s elected funding rate.
The court approved the retiree COLA as presented; the motion carried 3-0 with two abstentions from commissioners who said they are retirees. Later the court unanimously approved setting the TCDRS elected contribution rate at 12.0% for plan year 2025; that elected rate becomes effective January 1 of the plan year.
Commissioners emphasized that the action is consistent with the budgeted funding and that staff had calculated the contribution impacts. The court’s vote on the COLA included a recusal by one commissioner who said they were a retiree and one other commissioner who stated they were retired as well.
Next steps: TCDRS plan-year adjustments will be transmitted to TCDRS staff and implemented for the January effective date.
