Mills County hears TCDRS briefing: plan about 90.9% funded, officials to revisit at budget

Richard Ashcraft, a representative for the Texas County & District Retirement System (TCDRS), told the Mills County Commissioners Court on Jan. 12 that the county’s retirement plan is in strong financial position.

"Right now, your plan is about 90.9 percent fully funded," Ashcraft said, noting that employees contribute 7% of pay and the county currently uses a 200% prefunding/design that matches accounts at "$2 for every $1" of employee deposits. Ashcraft said the county’s cost rate is about 14.32% and that total plan assets are "over $9,000,000."

The presentation walked commissioners through eligibility rules (including an eight-year vesting schedule, the "rule of 75," and a 30-years-of-service option) and optional benefit features such as group-term life. Ashcraft said the plan is reviewed annually and that actuaries are working on demographic updates for the 2026 study period.

Commissioners asked whether an anticipated wave of retirements would strain the fund. "Because remember, your plan is studied every single year," Ashcraft replied, explaining that the annual actuarial review accounts for demographic changes and longevity assumptions. He advised the court that current prefunding choices reduce long-term liabilities.

The judge and commissioners thanked Ashcraft and his colleague Jay Dyer for the briefing and said they would revisit contribution and budget implications during the county’s upcoming budget process.

Next steps: staff will include TCDRS rate information in the budget discussions this spring so commissioners can decide whether to maintain the current prefunding election.