Title
Approval of FY25-26 TCRS Rate
Body
SUMMARY:
The Tennessee Consolidated Retirement System (TCRS) rate is computed every year and this is the rate the City must pay to TCRS for Legacy Plan members. Individuals hired prior to July 1, 2013 are in the Legacy Plan. The minimum rate for the upcoming fiscal year is 14.87%; however, it is recommended to round up and fund 15%.
BUDGET ACCOUNT: Various departments
Recommended Action
NECESSARY COUNCIL ACTION: Approve the 15% TCRS rate.