C.210a7/. ~ ~ ~~ a ~ COMMISSIONERS' COURT AGENDA REQUEST PLEASE FURNISH ONE ORIGINAL AND TEN (10) COPIES OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT MADE BY: Eva Hyde MEETING DATE: December 10, 2007 TIME PREFERRED: SUBJECT: Receive information on legislative and regulatory updates and election and take any desired appropriate action to finalize TCDRS plan and elections for Kerr County for 2008. EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: Eva Hyde ESTIMATED LENGTH OF PRESENTATION: 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: THIS REQUEST RECEIVED BY: THIS RQUEST RECEIVED ON: OFFICE: Human Resources Director 5:00 PM previous Tuesday @ .M. 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 your request being addressed at the earliest opportunity. See Agenda Request Rules Adopted by Commissioners' Court. TCDRS Updates 11-16-2007 Matching only exists AFTER: A) Retirement B) Death C) Disability (TCDRS will not determine Disability going forward, they will determine early retirement) Legislative Update -New Disability Process If the employee is eligible for service retirement: • TCDRS will not determine disability • Disability application will be considered as an application for service retirement • If disability needs to be proven for other benefits, the employer will be responsible for the decision If the employee is not eligible for service retirement: • The current process of applying to the TCDRS medical board is still in effect at this time while the legislative updates are being determined. How can I retire? a) 60 years of age and 8 years vesting b) Age + Years of Service = 75 c) Any Age and 30 Years of Service Can I get credit for Time from another system? Key word is TIME, this means credit for the years of service only, not dollars. Yes -from the following: a) ERS (State of Texas) b) TMRS (only select cities) c) JRS (Courts) d) TRS (School system) e) COA (City of Austin) f) Military Service Can I reinstate a closed TCDRS account? Yes but only if the employer notifies TCDRS on an annual enrollment for reinstatement of accounts. Change in Pension Payment Options: • Life Only Benefit -Retiree gets monthly payment BUT no monthly payments to a beneficiary • Guaranteed Term 10 years -retiree gets monthly payment for 10 years and to one or more beneficiaries to complete the term NOTE: Term begins when you retire not when you die • Guaranteed Term 15 years -retiree gets monthly payment for 15 years and to one or more beneficiaries to complete the term NOTE: Term begins when you retire not when you die Four Options pay ONE beneficiary for their lifetime • 50% of Retirees Payment • 75% of Retirees Payment • 100% of Retirees Payment • 100% of Retirees Payment with a "Pop-Up" (this needs to be requested for additional information) Does the Retirement paperwork change? Yes, every year. Best to get with HR and we can help get the most current paperwork to request retirement. What is the maximum I can put into the system? Kerr County employees contribute 7% towards their retirement. That is the maximum at this time. What is the maximum match the County can contribute in matching? The maximum is 2.5 match or 250%. I.E. Currently for each $1.00 the employee puts in, Kerr County puts in $1.90. In January 2008, Kerr County will put in $2.10 for each $1.00 the employee puts into the account. (max deduction for employees is 7% per paycheck)