#29864 Kerr County, #232 Rate information for proposed plan provision changes Plan year 2007 '' Current Plan Approved Changes Plan Provisions: Employee deposit rate 7% 7°u Marching rare UO'Yo 190% Past and furore depnsi[s /furore deposits' Prior service credit 145% 145% Vesting 8 years 8 years Rule of ?5 75 Eligible at X years and any age 30 years 30 years COLA"' N/A CPI-based 50 Credit for military service Yes Yes Partial lump sum No Yes Buyback'"' N/A Yes Plan Rates: 1. Normal coat rate 6.16% 6.32% 2. UAAL rare 1.96Mo 2-19% 3. Total required rate Eor 2007"" 8.12% 8.51% 4. Rare difference between proposed and aureut plan 0.39°ro 5 Elected rate Plan Assets & Liabilities: b. Presem value offumre benefits $22,543,047 822,927,111 Present value of furore normal cos[ con[ribu[ions $ 4,004,064 $ 4,140,351 8. Actuarial accrued liabili[ies (Line 6 -Line 7) $ 18,538,983 $ 18,786.762 9 A~marial value nfasrets $16,152,206 $16,152,206 10. Unfunded or (overfunded) ac[uarial accrued liabili[y ~UAAL or IOAALI] (Line 8 -- Line 91 $ 2,38G,7T $ 2,634,556 11. Punded ra[io (Line 9/Line 8) 87% 86 12. Amortization period 20.0 years 20.0 years ' The ma[ching ra[e can never be lowered for employee deposits [hat have already been made. "The last COLA adop[ed was a CPl-based 50% COLA effective 2005. '"' The las[ buyhack was au[horized in 2003. "" Required rare for 2006: 7b046. Please contact TCDRS if you have ony yuesdons m far anv additional Inf nnatiun regarding changing beneflr plan op[ions. 800-823-7782 + W W W.7CDRS.ORG Sep. S, 2008 #29864 Kerr County, #232 Authorization to change TCDRS plan provisions Plan year 2007 The following order concerning the participation of Kerr County in the Texas County & District Retirement System (TCDRS) for the 200 plan year was adopted in open session on August 28 , 2006. 1. With respect to the plan provisions currently applicable [o its members, Kerr Counry makes the following changes: A member who is participating as an employee of Kerr County on the effective date of this order, and who previously forfeited service credit because of a withdraw! of contributions, is eligible to buy back service credit and receive matching credits at retirement from Kerr County. Effective Jan. 1, 2007, persons retiring may elect to receive a lump sum up to their accoun[ balance. 2. With respect to an nui[ies paid to its retirees or their beneficiaries, Kett County adopts aCPI-based 50% COLA. 3. Kerr Counry adopts an annually determined contribution rate plan with the following rate for the 2007 plan year: the total required employer con[ribution rate of 5.51 %. 4. Except as modified by this order or by law, the plan provisions previously adopted by [his Commissioners Court of Kerr County relating m participation in TCDRS remain in effect and are cominued. 5. In the event the 2007 mtal required rare as set our above exceeds 1 I %, and if a current waiver of that limit is not on file with the retiremem system, [he Commissioners Court of Kerr County hereby waives the 11 % limit on [he tare of employer contributions and such waiver will remain effective with respect co furore plan years until propery revoked by official action. Certification I certify chat the foregoing order concerning the participation of Kerr County in the Texas County & District Retirement System for the 2007 plan year truly and accurately reflects the official action taken during a properly posred and noticed meeting on August 28 , 2006, by the Commissioners Court of Kerr County as such attion is recorded in the official minutes. Da[ed: S ~y~~ ~ 2,t°~y~~ 800-823-7782 ~ WWW.TCDRS.ORG Sep. 5,2006 Yage I of 1 Kerr County JudaelCommissioners' Court From: "Kerr County Judge/Commissioners' Court" To: "John Jagou" Sent: Friday, September OS, 2006 10:51 AM Subject: Re: Buyback answers The incoming Commissioner who is due to be sworn in on January 1, 2007, is Bruce D. Oehler. -- Original Message ---- From: John Jagou To: cojudge@co.kerr.tx.us Sent: Friday, September 08, 2006 10:30 AM Subject: Buyback answers Judge Tinley, The incoming commissioner will be eligible to participate in the buyback, but we do need his name so we can include him as part of the study we aze conducting. If you can please send me his name, we will get him on the list. Best regazds, John Jagou Communications Representative TCDRS 800-823-7782 x348 www.tcdrs.o~ 9/12/2006