Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pensions And Benefits topic
No spam. Unsubscribe anytime.
Court discusses TCDRS plan options and approves higher retiree contribution for under‑65 coverage
Summary
Staff presented several TCDRS retirement‑plan scenarios with percentage and lump‑sum options; commissioners moved forward with a plan direction and approved changing under‑65 retiree insurance cost sharing to 75% retiree contribution, noting a required budget amendment and effective timing to implement.
County staff presented multiple options for TCDRS retirement‑plan parameters and the budgetary effects of partial lump‑sum versus past‑and‑future formulas. Staff noted certified appraisal‑district figures were pending and that some percentages and lump‑sum scenarios (for example, a $500,000 lump‑sum illustration) change employer rates by measurable points.
On retiree insurance for those under 65, staff presented alternative contribution scenarios (50%, 60%, 75%). After discussion about budget impacts and employee effects a motion was made to adopt a 75% retiree contribution for under‑65 retirees; commissioners discussed effective dates, the need for a budget amendment, and the payroll timing for implementation. Staff said the change will require a budget amendment and would be reflected after the targeted effective date discussed in the meeting.
