Commissioners Court - Regular Session

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16.

Meeting Date:	05/03/2011
Submitted For:	Lisa Zirkle	Submitted By:	Lisa Zirkle, Human Resources
Department:	Human Resources

Agenda Item

Discuss and take appropriate action regarding 2012 TCDRS Employer Contribution Rate.

Background

The Commissioner's Court receives TCDRS's notice regarding the required employer contribution rate for January 1st of the next calendar year in April/May of each year. This rate is calculated by TCDRS actuaries and is based upon the plan provisions currently elected by Williamson County. An additional rate is included for consideration of optional increases that may be awarded to current retirees in the form of a cost of living increase.

The 2011 TCDRS employer contribution rate is 11.59%. The 2012 rate is 11.96%. This approximately equates to a $195,000 increase (applied only for January - September 2012) to the FY 2011 retirement line item budgets for all funds and does not include a CPI increase for current retirees.

The mandatory employee contribution rate is 7% of gross pay. All full-time and part-time employees are required to contribute to the TCDRS system as a condition of employment. Employees are vested after 8 years of credited service. To be eligible to retire, an employee must meet one of 3 eligibility options: 1) Rule of 75 (employee age plus years of service equal 75); 2) Age 60 plus 8 years of credited service and 3) 30 years of service regardless of age.

The County must submit authorization for the 2012 employer contribution rate no later than December 15, 2011.

Fiscal Impact

From/To	Acct No.	Description	Amount

Attachments

Form Review

Inbox	Reviewed By	Date
County Judge Exec Asst.	Wendy Coco	04/28/2011 03:05 PM
Form Started By: lzirkle		Started On: 04/28/2011 11:44 AM
Final Approval Date: 04/28/2011