Warren County government’s retirement contribution of 11 percent for its employees remains intact.
The county Financial Management Committee voted this month to leave its contribution into the Tennessee Consolidated Retirement System contribution at 11 percent – unchanged from last year.
During last month’s meeting, members voiced a desire to see what the savings would be if the county’s financial support was reduced to 9.5 percent, because TCRS recommended a minimum contribution of 9.14 percent per employee this year.
Finance Department director Linda Hillis presented those numbers. Lowering the rate to the recommended minimum of 9.14 percent from 11 percent would result in a $299,713 savings for the county.
Hillis warned commissioners about the dangers of lowering the rate too much and then TCRS upping the minimum contribution next year.
“The retirement system recommends we approve a higher rate than what the certified minimum rate is,” said Hillis.
Road Superintendent Levie Glenn added, “So, we’re just planning ahead by keeping it higher than they recommend. If it went up to 13 percent or 14 percent, that’s quite a bit of difference you’d have to make up at one time. Has it been at 13 before?”
Hillis confirmed the TCRS minimum contribution has risen to 13.63 percent in prior years.
A motion to leave the rate unchanged passed 5-2. Voting against it were Commissioners Terry Bell and Scott Rubley.
The measure will be presented to the full Warren County Commission for consideration.