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Gordonsville council accepts actuary recommendation to raise TCRS employer rate to 11.83%
Summary
An actuary report recommended raising the town's employer contribution to the Tennessee Consolidated Retirement System from 9.70% to 11.83%; the council voted to accept the new rate on May 11.
The Gordonsville Town Council on May 11 accepted an actuary's recommendation to increase the town's employer contribution rate for the Tennessee Consolidated Retirement System from 9.70% to 11.83%. Councilman Shane Smith moved to accept the new rate and Vice-Mayor Williams seconded; the motion carried on a roll call vote.
The actuarial report presented to the council proposed the higher contribution rate to align employer funding with the plan's liabilities. The council recorded the motion and vote as Vice-Mayor Williams Yea; Councilwoman Bates Absent; Councilman Pierce Yea; Councilman Robinson Yea; Councilman Smith Yea.
Council materials listed the recommended percentage change but did not include a town-specific dollar-cost estimate in the meeting record. The council voted to accept the actuarial recommendation at the meeting; implementation details and budget adjustments to cover the higher employer contribution will be addressed as part of the town's budgeting process.
