Page 1 of 1 Eva Hyde -----_ _ _ _ _ __ _ _. r _ _ _ _ __ _ _ _ _ From: John Jagou [john@tcdrs.org] Sent: Thursday, June 12, 2008 12:55 PM To: ehyde@co.kerr.tx.us Subject: Matching increase rates from TCDRS Attachments: 232 Matching increases 06122008.pdf Eva, I have attached the rates you have requested, and I also took the liberty of adding an additional rate for your current matching rate of 210%, and making it retroactive (currently it is 210% for deposits made from 2008 on). Please let me know if there is anything else I can provide for you. Best Regards, johnjagou Employer Services Representative TCDRS 800-823-7782 x348 FAX - 5 12-328-8887 6/12/2008 '~>rr+' K@I'1' CC-t~ICt~jf- ~~3i2 RCt1r@ [11~®E'!'Yttl~l0t1 ~$3t' P~®~fO$@t'~ flan ~31'dVISI0h C~'iEtli@S P1tt jI@C~1' ` `QQ~ Current Plan 210 Retroactive Plan Provisions: Employee deposit rate 7% 7% Matching rate 210% 210% Past and Future Past and future deposits /future deposits* Deposits Prior service credit 145% 145% Vesting 8 years 8 years Rule of 75 75 Eligible at X yeazs and any age 30 yeazs 30 yeazs COLA** N/A Credit for military service Yes Yes Partial lump sum Yes Yes Buyback*** N/A No Plan Rates: 1. Normal cost rate G.97% 6.97% 2. UAAL rate 2.14% 3.04% 3. Total required rate for 2009**** 9.11% 10.01% 4. Rate difference between proposed and current plan 0.90% 5. Elected rate Plan Assets & Liabilities: 6. Present value of future benefits $ 26,939,064 $ 27,897,695 7. Present value of furure normal cost contributions $ 4,943,056 $ 4,943,056 8. Ac[uazial accrued liabilities (Line 6 -Line 7) $ 21,996,008 $ 22,954,639 9. Actuarial value of assets $ 19,612,015 $ 19,612,015 10. Unfunded or (overfunded) actuarial acctued liability [UAAL or (OAAL)] (Line 8 -Line 9) $ 2,383,993 $ 3,342,624 11. Funded ratio (Line 9/Line 8) 89% 85% 12. Amortization period 15.0 yeazs 15.0 yeazs * The matching rate can never be lowered for employee deposits that have already been made. ** The last COLA adopted was aCPI-based 50% COLA effective 2008. *** The last buyback was authorized in 2007. **** Required rate for 2008: 9.08%. Please wntact TCDRS if you have any questions or for any additional information regarding changing benefit plan options. 800-823-7782 * WWW.TCORS.ORG Sun. t2, 2008 Kerr County, #232 Rate information for proposed plan provision changes Plan year 2Q49 Current Plan 220% 220% Future Retroavtive Only Plan Provisions: Employee deposit rate 7% 7% 7% Matching rate 210% 220% 220% Past and Future Past and future deposits /future deposits* Deposits Future Deposizs Prior service credit 145% 145% 145% Vesting 8 yeazs 8 years 8 years Rule of 75 75 75 Eligible at X yeazs and any age 30 years 30 yeazs 30 years COLA** N/A Credit for military service Yes Yes Yes Partial lump sum Yes Yes Yes 'Buyback*** N/A No No Plan Rates: 1. Normal cost rate 6.97% 7.27% 7.27% 2. UAAL rate 2.14% 3.62% 2.23% 3. Total required raze for 2009**** 9.11% 10.89% 9.50% 4. Rate difference between proposed and current plan 1.78% 0.39% 5. Elected rate Plan Assets & Liabilities: G. Present value of future benefits $ 26,939,064 $ 28,700,670 $ 27,262,719 7. Present value of future normal cost contributions $ 4,943>056 $ 5,161,249 $ 5> 161,249 8. Actuazial accrued liabilities (Line G -Line 7) $ 21,996,008 $ 23,539,421 $ 22,101,470 9. Aauazial value of assets $ 19,612,015 $ 19,612,015 $ 19,612,015 10. Unfunded or (overfunded) actuazial acaued liability [UAAL or (OAAL)] (Line 8 -Line 9) $ 2,383,993 $ 3,927>406 $ 2,489,455 11. Funded ratio (Line 9/Line 8) 89% 83% 89% 12. Amortization period 15.0 yeazs 15.0 yeazs 15.0 yeazs * The matching rate can never be lowered for employee deposits that have already been made. ** The last COLA adopted was aCPI-based 50% COLA effective 2008. *** The last buyback was authorized in 2007. **** Required rate for 2008: 9.08%. Please wntact TCDRS if you have any questions or for any additional information regazding changing benefit plan options. 800-823-7782 * WMYW.TCDR5.ORC Jun. 12, 2008 Kerr County, #232 Rate lnforatlon for proposed plan provision changes Plan year 2t3Q9 Current Plan 230% 230% Future Retroavtive Oniy Plan Provisions: Employee deposit rate 7% 7% 7% Matching rate 210% 230% 230% Past and Future Past and furure deposits /future deposits* Deposits Future Deposits Prior service credit 145% 145% 145% Vesting 8 yeazs 8 yeazs 8 years Rule of 75 75 75 Eligible at X yeazs and any age 30 yeazs 30 yeazs 30 yeazs COLA** N/A Credit for military service Yes Yes Yes Partial lump sum Yes Yes Yes Buyback*** N/A No No Plan Rates: 1. Normal cost rate 6.97% 7.58% 7.58% 2. UAAL rate 2.14% 4.20°k 2.33% 3. Total required rate for 2009**** 9:11°h 11.78% 9.91% 4. Rate difference between proposed and current plan 2.67% 0.80% 5. Elected rate Plan Assets & Liabilities: 6. Present value of future benefits $ 26,939,064 $ 29,503>645 $ 27,586,377 7. Present value of future normal cost contributions $ 4,943,056 $ 5,379,443 $ 5,379,443 8. Aauazial accrued liabilities (Line G -Line 7) $ 21,996,008 $ 24,124,202 $ 22,206,934 9. Aauazial value of assets $ 19,612,015 $ 19,612,015 $ 19,612,015 10. Unfunded or (overfunded) actuazial acuued liability [UAAL or (OAAL)] (Line 8 -Line 9) $ 2,383,993 $ 4,512,187 $ 2,594,919 11. Funded ratio (Line 9/Line 8) 89% 81 % 88% 12. Amonization period 15.0 years 15.0 years 15.0 yeazs * The matching rate can never be lowered for employee deposits that have already been made. ** The last COLA adoptedwas aCPI-based 50% COLA effective 2008. *** The last buyback was authorized in 2007. **** Required rate for 2008: 9.08%. Please contact TCDRS if you have any questions or for any additional information regazding changing benefit plan options. 804-823-7782 * WWW.7GDRS.ORG Jun. 12, 2008 Ket"r County- X232 ~6!'~2 ti"1'~®6'~'t'tq'~10C1 ~Or t`t1~OSE.'t~ p~c~n ~il'OVtSlQYt ChCiftC„~@S Current Plan 240°.6 240°~6 Future Retroavtive Oniy Plan Pravisicns: Employee deposit rate 7% 7% 7% Matching rate 210% 240% 240% Past and Future Past and future deposits /future deposiu* Deposits Future Deposits Prior service credit 145% 145% 145% Vesting 8 years 8 years 8 years Rule of 75 75 75 Eligible at X yeazs and any age 30 years 30 years 30 yeazs COLA** N/A Credit for military service Yes Yes Yes Partial lump sum Yes Yes Yes Buyback*** N/A No No Plan Rates: 1. Normal cost rate 6.97% 7.89% 7.89% 2. UAAL rate 2.14% 4.78% 2.43% 3. Total required rate for 2009**** 9.11% 12.67% 10.32% 4. Rate difference between proposed and current plan 3.56% 1.21% 5. Eletted rate Pian Assets & Liabilities: G. Present value of future benefits $ 26,939,064 $ 30,306,619 $ 27,910,035 7. Present value of future normal cost contributions $ 4,943,056 $ 5,597>637 $ 5,597,637 8. Attuazial accrued liabilities (Line 6 -Line 7) $ 21,996,008 $ 24,708,982 $ 22,312,398 9. Attuazial value of assets $ 19,612,015 $ 19,612,015 $ 19,612,015 10. Unfunded or (overfunded) actuazial accrued liability [UAAL or (OAAL)] (Line 8 -Line 9) $ 2,383>993 $ 5,096,967 $ 2,700,383 11. Funded ratio (Line 9/Line 8) 89% 79% 88% 12. Amortization period 15.0 yeazs 15.0 years 15.0 years * The matching rate can never be lowered for employee deposits that have already been made. ** The last COLA adopted was aCPI-based 50% COLA effective 2008. *** The last buyback was authorized in 2007. **** Required rate for 2008: 9.08%. Please contact TCDRS if you have any questions or for any additional information regazding changing benefit plan oprions. 800-823-7782 * WWW.TCORS.Oi1G lun.12,2008 Kerr County, #232 Rate inforrnati®n for proposed plan provision changes RNan year 2t3Q9 Current Plan 250% 250% Future Retroavtive Oniy Plan Provisions: Employee deposit rate 7% 7% 7% Matching rate 210% 250% 250% Past and Future Past and future deposits /future deposiu* Future Deposits Deposits Prior service credit 145% 145% 145% Vesting 8 yeazs 8 yeazs 8 yeazs Rule of 75 75 75 Eligible at X yeazs and any age 30 yeazs 30 yeazs 30 yeazs COLA** N/A Credit for military service Yes Yes Yes Partial lump sum Yes Yes Yes Buyback*** N/A No No Plan Rates: 1. Normal cost rate 6.97% 8.20% 8.20% 2. UAAL rate 2.14% 5.36% 2.53% 3. Total required rate for 2009**** 9.11% 13.56% 10.73% 4. Rate difference between proposed and current plan 4.45% 1.62% 5. Elected rate Plan Assets & Liabilities: 6. .Present value of future benefits $ 26,939,064 $ 31,109,594 $ 28,233,693 7. Present value of future normal cost contributions $ 4,943>05G $ 5,815,830 $ 5,815,830 8. Actuazial accrued liabilities (Line 6 -Line 7) $ 21,996,008 $ 25,293,764 $ 22,417,863 9. Actuarial value of assets $ 19,612,015 $ 19,612,015 $ 19,612,015 10. Unfunded or (overfunded) actuazial accrued liability [UAAL or (OAAL)] (Line 8 -Line 9) $ 2,383,993 $ 5,681,749 $ 2,805,848 11. Funded ratio (Line 9/Line 8) 89% 78% 87% 12. Amortization period 15.0 years 15.0 yeazs 15.0 years * The matching rate can never be lowered for employee deposits that have already been made. ** The last COLA adopted was aCPI-based 50% COLA effective 2008. *** The last buyback was authorized in 2007. **** Required rate for 2008: 9.08%. 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If you are not considering any plan changes ... and affordable. This plan assessment will give you an overview of return the enclosed authorization by Dec. I5, 2008. the benefits you currently provide. It also includes estimates on how 2, If you are only adopting a COLA or elected rate ... much it will cost to provide these benefits in 2009. return the enclosed authorization by Dec. 15, 2008. If you are interested in adding to or changing your plan provisions for 2009, please contact your TCDRS Employer Services representative by Oct. O1, 2008. We will send you cost and benefit information on any changes you are considering. If you are satisfied with your current plan, please return the enclosed authorization by Dec. 15, 2008. 3. If you are considering changing or adding other plan provisions ... contact TCDRS at 800-823-7782 by Oct. 01, 2008. We will be happy to send you the rates and authorization for the plan changes you are considering. KEY DATES If you have questions, contact your TCDRS Employer Services representative at 800-823-7782. Oct. O1, 2008 • Contact your TCDRS Employer Services representative by this date if you are considering any changes to your plan provisions. • Deadline to contact TCDRS in writing if you are considering authorizing a buyback. Dec. 15, 2008 Send in your authorization to TCDRS confirming your 2009 plan provisions. 800-823-T782 * N+WW.TCDRS.ORC i Apr. 17,2008 YOUR BENEFITS Basic Benefit Provisions: Employee deposit rate - 7% Matching rate - 210% Prior service credit -145% Retirement Eligibility: Age 60 with 8 years of service Any age with 30 years ofseruice Rule of 75 (age plus years of service equals 75) Cost-of-Living Adjustments (COLAs) for retirees: Your last adopted COLA was a SO% CPI-based COLA in 2008. Optional Benefit Provisions: • Military service - If your employees have earned at least 8 years of service with TCDRS, they can be credited with up to 60 months of military service. • Buyback -You last passed a buyback authorization in 2007. • Partial lump-sum payment- This allows an employee to withdraw part of his or her TCDRS account balance as a lump sum at retirement. WHATYOU ARE PROVIDING Under your plan, each employee makes deposits into his or her personal TCDRS account by paying in a percentage of each paycheck. Employee accounts earn 7% interest each year, which is compounded annually based on the account balance at the beginning of the yeaz. If one of your employees chooses to receive a retirement benefit, TCDRS adds the employee's personal account balance to matching and other credits you provide as an employer. We then convert that sum into a monthly benefit payment, payable for life. The following chart shows the estimated TCDRS benefit as a percentage of final salary prior to retirement for a new hire: 120% 100% 80% 60% 40% 20% 0% Assumptions • Employees aze new hires and will work for you until retirement. • Your current plan provisions will remain in effect through employee's retirement. • Current laws governing TCDRS will continue as they aze. • Graded salary scales give bigger raises eazly in careers, with smaller raises later in careers (see Summary Valuation Repon at www.ccdrs.org). • Based on life-only benefit. Asa%of :retirement 800-823-7782 * WWW.TCDRS.ORC 2 Apr. 17,2008 Hired at 55 Hired at 50 Hired at 45 Hired at 40 Hired at 35 Retired at 65 Retired at 65 Retired at 65 Retired at 65 Retired at 65 YOUR COSTS Your employer contribution rate represents the percentage of payroll your organization needs to contribute to fund future benefits for your current employees, former employees and retirees. To calculate your total required rate, add the rate for any COLA you plan to adopt to the provided calculated contribution rate. Your normal cost rate 6.97% Your UAAI_ rate + 2.14% Calculated contribution rate 9.11% COLA rate (if adopting) + Total Required Rate To determine the cost of your plan in dollars, move the decimal for your "Total required rate"two places to the left, then multiply it by your estimated payroll for next year. COLAs must be re-authorized each yeaz. They aze not "automatic". If you wish to authorize a COLA for the next plan yeaz, you can estimate the cost based on the schedule of rates below: 10% 20% 1 30% 1 1 y 40% 11 v v c 50% 1 v -0 60% 1 U 70% t 1% t 80% 1 ~ 2% 90% .~ 3% 1 100% 1 w 4% 1 of payroll of payroll Below is a record of your required employer contribution rate history over the last five years. 10% 8% 6% 4% 2% 0% 2005 2006 2007 2008 2009 REASONS FOR RATE CHANGE 2005-2006 2006-2007 2007-2008 2008-2009 Beginning Rate 7.90% 7.60% 8.51 % 9.08% Plan Changes Adopted 0.00 0.39 0.88 N/A Investment Return 0.00 0.00 0.00 0.00 Elected Rate/Lump Sum 0.00 0.00 0.00 0.00 Demographic/Ocher Changes -0.12 -0.08 -0.14 0.03 Assumptions/Methods -0.18 0.60 -0.17 0.00 Ending Rate 7.60% 8.51% 9.08% 9.11% VALUATION YEAR 2004 2005 2006 2007 FUNDED RATIO 8G% 86% 89% 89% A complete Summary Valuarion Repon for the Dec. 31, 2007 valuation is available on the Web. ! 800-823-7782 * WWW.TCDRS.ORG 3 P; Apr. 17, 2008 ~. Kerr County, #232 Authorization to maintain TCDRS plan provisions Plan year 2009 With respect to the participation of Kerr County in the Texas County & District Retirement System (TCDRS) f~r'rhe 2009 plan year, the following order was adopted: '~' 1. Kerr County makes no change in the plan provisions for non-retirees. * 2. With respect to benefit payments being paid to retirees or their beneficiaries, Kerr County (check one bog): does not adopt acost-of-living adjustment (COLA). adopts a % CPI-based COLA. adopts a % flat-rate COLA. e - * 3. The required employer contribution rate for Plan Year 2009 will be the following: (a) Required rate without COLA: 9.11 SFr (b) COLA rate: + (enter 0 if not adopring a C~i.Aj ~~~ .rte (c) Total required rate (a + b): _ { ~; * 4. Employers may elect to pay a rate greater than the total required rate listeda i ve. Keri ~ ;~ ~u c~`r r adopts for Plan Year"'~t~` ~ (check ~;~ one bog): ~'* ~`~ ' . the total required rate listed above. '~, add a new elected rate of %. >,, ~`: ~, 5. In the event the 2009 total required rate as set out above exceeds 11 %, ~~,7d if a current waiver. of that I gym, ~ ~ n ~ ~ on ~Cile with TCDRS, the Commissioners Court of Kerr County hereby waives the 11% limit on the rat dot emploj er con;~rbutions and such waiver will remain effective with respect to future plan years until properly revoked by official action. ' -' Certification I certify that the foregoing authorization concerning the participation of• rr County in TCDRS for Plan Year 2009 truly and accurately reflects the official action taken during a properly posted azi~~'noticed meeting on , 2008, by the Commissioners Court of Kerr County as such action is recorded in~F1?~'ufficial minutes. County Judge of Kerr County Dated: * Please fill in the required inf-r~uation for items 2, 3 and 4 before signing andsending this document to TCDRS. ,~~v- .~: ~~, PLEASE FAX TO: (512) 328-8887 Apr. 17, 2008