Council to address employee retirement plan

DUANE CROSS
MCO Publisher•Editor

On Monday, Dec. 15, the Metro Council will consider a resolution that would let the local government join the State of Tennessee’s 401(a)/401(k) Deferred Compensation Plan. The goal is to help recruit, keep, and better prepare employees for retirement.

The monthly meeting is at 6:30 p.m. at the American Legion Building at 119 Booneville Hwy.

If the resolution passes, Moore County would join the state-run plan managed by the Tennessee Consolidated Retirement System (TCRS). Eligible employees could choose to set aside part of their pay for retirement, and in some cases, the county could match those contributions.

The resolution would change how the county handles retirement contributions. Starting Jan. 1, 2026, employees in TCRS would not get matching contributions in the 401(k) plan. Those not in TCRS would still be eligible for matching contributions.

Eligible employees will get a county match of 100 percent on their contributions, up to 3% of their pay. The amendment also changes the vesting schedule, so employees are fully vested right away instead of after three years.

The amendment also removes a non-matching employer contribution that was approved before but never actually used.

The resolution states that Moore County and its employees, not the State of Tennessee, will cover all costs and liabilities for joining the plan. The Tennessee Treasury Department and plan vendors will handle administration, and any fees will be charged to either employee accounts or the county.

All plan assets, such as employee contributions and county matches, will be held in trust for participants and their beneficiaries, following state and federal law. The resolution also confirms that the state, TCRS, and plan trustees are responsible for managing and interpreting the plan.

The resolution gives county officials permission to sign the necessary agreement and send it to the TCRS chair for final approval. If approved, the changes will take effect as described in the plan documents and the law.