Warren County government’s retirement contribution of 11% will likely remain intact.
The county Financial Management Committee met to consider Warren County’s contribution into the Tennessee Consolidated Retirement System. For the last several years, 11% has been allocated to employee retirement.
“The TCRS evaluation for the county came in,” said Finance Department director Justin Cotten. “Our rate was unchanged from last year as far as the minimum retirement by TCRS. It’s 8.6%. We elected last year to leave it at 11%. Anything that we pay in above the 8.6% goes into the county’s pool which helps offset future increases. It’s probably why we didn’t see an increase this year, because we pay in 2.5% more than what they ask us to.”
Consideration was made during last year’s discussion to reduce the county’s 11% contribution to 10% as a cost-saving measure.
A reduction by 1% would have created a savings of $137,000. But the recommendation received no support last year and was not attempted this year.
“I make a motion to leave the rate at 11%,” said Commissioner Scott Rubley, a motion that received unanimous approval from Financial Management Committee members.
The committee recommendation will be sent to the full Warren County Commission for its consideration.