Gregg County officials increase retirement match
POSTED: Tuesday, September 18, 2012 - 7:30pm
UPDATED: Tuesday, September 18, 2012 - 7:44pm
Longview, TX — Gregg County commissioners approved an increase in contributions to employees’ retirement system Monday to maintain a statutory return on the pension plan.
The Texas County & District Retirement System earns an average 8 percent return, County Auditor Laurie Woloszyn said.
Flagging interest rates prompted Woloszyn to recommend bumping the county’s contribution from 10.1 percent of salary to 10.55 percent, representing a roughly $90,000 budget increase.
The employee contribution level remains unchanged at 7 percent.
Woloszyn and County Judge Bill Stoudt said the retirement system, one of the state’s largest and comparable to the massive Teacher Retirement System, is structured differently than public pensions.
Woloszyn said the state system is a defined contributions plan, as opposed to a defined benefits plan. Amassing contributions control how much the plan pays out.
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