Commissioners Court approve Employee Retirement Deposit Fee at 6%
By: Jose G. Landa, Eagle Pass Business Journal, Inc., Copyright 2015
Maverick County Commissioners Court unanimously approved to set the county employee deposit rate to 6% on their retirement plans at their meeting held on Monday, September 14, 2015.
Under agenda item No. 16, Maverick County Human Resourced Director Jesus (Chuy ) Sanchez presented information pertaining to the employee deposit rate of 6 % to the Commissioners Court.
Sanchez advised Commissioners Court that each year they have to approve the employee deposit rate of their retirement. “This is the employee contribution to their retirement plan. It doesn’t change it, it will remain the same,” said Sanchez.
Maverick County Judge David R. Saucedo stated that under this program, Maverick County contributes the maximum of 250% matching funds for every one dollar that an employee puts in to their retirement fund.
“At this juncture, the contribution per employee is at 6% and Maverick County and the Texas Retirement System for Counties under this program have the maximum rate of up to 250% , which is for every $1 the employee puts in to their retirement, Maverick County matches it with $2.50 and it is compounded annually at a rate of 7%,” said Judge Saucedo.
Judge Saucedo noted that this item must be approved on an yearly basis by Commissioners Court.
County Commissioner Jerry Morales moved to accept the proposal under agenda item No.16.
Morales’s motion was seconded by Maverick County Commissioner Jose Luis Rosales.
Judge Saucedo called for discussion or comments, but there being none-called the motion to a vote.
Agenda item No.16 was approved unanimously.
Maverick County employees participate in the Texas Retirement System for Counties which authorizes up to a maximum contribution by the County of 250% of whatever money the employee deposits in their retirement fund. This is a very generous and lucrative retirement system for those Maverick County employees who are wise to invest in their retirement system because the County will pay them $2.50 for every $1 they save for retirement.
Although the Texas Retirement System for Counties allows up to a 250% contribution by Maverick County, it does not require that Maverick County have to pay the maximum 250%. One local taxpayer noted that Commissioners Court could approve a lower amount such as 200% or 150% or 100% or whatever it chooses. If Commissioners Court were to elect a lower amount of contribution than the maximum 250%, Maverick County taxpayers could save tens of thousands or hundreds of thousands of dollars annually in the County annual budget depending on the total number of county employees participating in the TRSC retirement system, noted the taxpayer.
