Jefferson County Schools (Colorado) Propose Retirement Plan Default

jsharf.com

According to the FY2011 Comprehensive Annual Financial Report, in 2011, the Board decided to terminate benefits for anyone who hadn't reached the thresholds of age 50, and 20 years of service as of the end of the 2011 plan year, 8/31/2011. "The plan is still operational for active and deferred vested participants and beneficiaries in receipt of payment." It is those members who will be asked to take a cut in their benefits. The district has also "determined that additional contributions for the foreseeable future would not be made to the Plan." (Note 16, P. 72)

The funded ratio has fallen to 50.6%, and the unfunded liability as of August 31, 2010 is $8.8 million.

Posted by Jim Zellmer at December 1, 2012 1:18 AM
Subscribe to this site via RSS/Atom: Newsletter signup | Send us your ideas