0823041.8 COMMISSIONERS' COURT AGENDA REQUEST PLEASE FURNISH ONE ORIGINAL AND NINE COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT. MADE BY: Barbara Nemec OFFICE: County Treasurer MEETING DATE: August 23, 2004 TIlVIE PREFERRED: 10:Q0 A.M. SUBJECT: Consider and Discuss 2005 Texas County & District Systems Plan Rate and Plan Changes. EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) N..-. E OF PERSON ADDRESSING THE COURT: Barbara Nemec/ Jose De Leon ESTIMATED LENGTH OF PRESENTATION: 30 minutes IF PERSONNEL MATTER -NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, Government Code, is as follows: Meeting scheduled for Mondays: 5:00 P.M. previous Tuesday. THIS REQUEST RECEIVED BY: THIS REQUEST RECEIVED ON: All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards you request being addressed at the earliest opportunity. See Agenda Request Rules Adopted by Commissioners' Court. TEXAS No Plan Change Notice and COUNTY 6 DISTRICT SYSTEM Rate Acknowledgment Variable-Rate Plan Please submit this form if your county or district is not making plan revisions for 2005. Keep in mind that even if your county or district elects no benefit changes, your required employer contribution rate may change for 2005. An order or resolution must be submitted to TCDRS if your county or district is authorizing any new option, right or benefit. Please contact TCDRS if you have questions. Kerr Count; Employer Name 2005 Plan Rates 232 Employer Number My county or district chooses to make no plan changes for 2005. I understand that our employee deposit and employer contribution rates will be: Employee Deposit Rate: 7.00% Employer Contribution Rate: 7.61 Emptayer Certification Only the chair of the governing board or the official TCDRS correspondent may sign this form. Name of Authorized Signer Authorized Signature Title Date TCDRS * PO Box 2034 Austin, TX 78768 * 800-823-7782 or (512) 328-8889 * Fax (512) 328-8887 * www.tcdrs.org EXHIBIT A -Present Plan and Sample Plans for Year 2005 Kerr County --- TCDRS Employer # 232 -- Present Pfan~'~ Plan 1 Plan 2 .'' Plan 3` :..Plan 4 Plan Type Variable Rate Variable Rate Variable Rate Q Employee Deposit Rate 7% 7% 7% ii Matching Rate 190% ($1.90/$1) 200% ($2.00/$1) 175% ($1.75/$1) U ~ Prior Service Credit 145% 145% 145% m Vesting Provision 8 Yrs 8 Yrs 8 Yrs Rule of Provision Rule of 75 Rule of 75 Rule of 75 ~ Normal Cost Rate 5.91 % 6.20% 5.48% .w'- ~-- - UAAL Rate 1.70°10 2.12% # 1.59% _ . Total Rate~2~ ~ = 7.61% °'8.32% ~ :7.07°{° Actuarial Assets $ 13,000,396 $ 13,000,396 $ 13,000,396 023 N w ~ F- Actuarial Liabilities $ 14,896,037 $ 15,304,559 $ 14,781,654 m Funding Ratio 87% 85% 88% a 4 J UAAL (Unfunded Amount) $ 1,895,641 $ 2,304,163 $ 1,781,258 Years to Finance 20.0 Years 20.0 Years 20.0 Years ~ v, 8-year Vesting~Z~ adopted adopted adopted ~¢.H:° ~'Z=~ ~' ' ' Rule of 75iz~ adopted adopted adopted w ,:. :o `~ ~~ Z'~i ,.a..w. 20- ear Retirement~Z~ y .11 % .11 % .11 `_a~~ ~ Partial Lump-Sum~2~ .28% .29% .25% Orptiorial;Benefit:lli~reases'fformGuwent`Retirees'and Berieficiar•ies ~~k;vi Only-one of the two CP{-Based Benefit Increase Flat-Rate Benefit Increase i3t type r Optional Increase Basis (4) Additional Rate Increase Basis Additional Rate Benefit Increases may be elected in any given 30% of CPI .16% 1°l0 .04% year. The increase will 40% of CPI .22% 2% .07% begin January 2005. 50% of CPI .29% 3% .11 Future increases must 60% of CPI .35% 4% .14% be adopted in future years. 70% of CPI .43% 5% .18% 80% of CPI .50% 6% .21 Notes (1) For comparison, the calculated employer contribution rate for 2004 u nder the Present Plan is 7.97%. (2) Calculated employer contribution rates must be increased by the add itional contribution rate applicable to any of the optional benefits (8-year vesting, rule of 75, 20-year retirement eli gibility, partial lump-sum option, benefit increases for annuitants) being adopted for 2005. Benefits that produce total calculated employer contribution rate greater than 11 % cannot be adopted unless you continue your waiver of the maximum contribution rate of 11 %. (3) The Flat Rate Benefit Increase may be any whole number increase, i ncluding increases above the 6% shown on this Exhibit A. Contact TCDRS for additional rates. (4) The actual increase under the CPI-Based Benefit Increase may be less if previous increases have been awarded. (5) No previous COLA annuity increases have been adopted. If you would like rate information on benefit plans not shown on this statement, please contact TCDRS at 800-823-7782 and ask for Plan Administration. May 06, 2004 4:25 PM Texas County and District Retirement System Subdivision Plan Data for Kerr County Plan Data as of 01/01/2004 Type of Plan: Annually Determined Contribution Rate (ADCR) Plan Employee Deposit Rate: 7.00% of gross compensation Employer Deposit Rate: 7.97% of gross compensation Maximum Contribution Waiver: Authorized by this subdivision. SDBF Deposit Rate: 0.26% of gross compensation Current Matching Rate: 190% of employee deposits and interest. Matched at retirement. Prior Service Credit Allocation Rate: 145% of accumulated prior service credit. Subdivision Participation Date: October 01, 1970 Special Purchase Eligibility: Premembership Credit: Not Authorized by this subdivision Qualified Military Service Credit: Authorized by this subdivision. -Service Requirement: 8 years. Special Enrollment Eligibility: Prosecuting Attorney Participation: Not Authorized by this subdivision District Judge Participation: Not Authorized by this subdivision Service Retirement Eligibility: 30 years of service at any age. Age 60 and 8 years of service. Rule of 75 Disability Retirement Eligibility: -^ Must be incapacitated for any gainful employment Incapacity is likely to be permanent If the person has less than 8 years of service, the incapacity must be the direct result of injuries sustained during membership by external and violent means as a direct and proximate result of the performance of duty. Survivor Annuity Death Benefit Eligibility: 4 years of service. Supplemental Death Benefit Eligibility: Date of death must be during or after the month of January. 2004. Authorized only for emolovees. CPI-Based Benefit Increase: Not Authorized by this subdivision. Flat Rate Benefit Increase Not Authorized by this subdivision. Buyback: Not Authorized for this plan year. Proportionate Service Buyback: Not Authorized by this subdivision. Partial Lump Sum Distribution: Not Authorized by this subdivision. TCDRS Subdivision Number: 232 April O6, 2004 11:57 am