Alba City Council mulls retirement benefits
publisher@woodcountymonitor.com
The Alba City Council took a detailed look at the city’s employee retirement system, with plans to see how it can be improved.
This item is available in full to subscribers.
Attention subscribers
To continue reading, you will need to either log in to your subscriber account, or purchase a new subscription.
If you are a current print subscriber, you can set up a free website account and connect your subscription to it by clicking here.
If you are a digital subscriber with an active, online-only subscription then you already have an account here. Just reset your password if you've not yet logged in to your account on this new site.
Otherwise, click here to view your options for subscribing.
Please log in to continue |
Alba City Council mulls retirement benefits
The Alba City Council took a detailed look at the city’s employee retirement system, with plans to see how it can be improved.
Anthony Mills with the Texas Municipal Retirement System laid out the plan the city adopted in 2003 along with ways it can be improved and the associated costs.
The city council set aside $17,000 in the budget. The plan now costs about $5,000 based on a one-to-one match of five percent of salaries.
The council could increase the city’s match to 1.5 or 2 to one and could also pick up past service credits, which would benefit longtime employees.
The cost of a two-to-one match plus service credits of $24,000 per year would leave the council looking for another $7,000. The council plans to consider the matter at its December meeting, with a target of Dec. 31 for the plan to go into effect Jan. 1.
