Retirement Fund History

September 2007 – TLFFRA pension plan voted in by the operations staff of the fire department. Initial contribution rates – 10% employee/10% employer. Initial multiplier – 1.67%. Initial Death & Disability (D&D) Benefits – $100 a month for both D&D. Post-tax contributions were made until we received a favorable private letter ruling from the IRS.

January 2010 – Contribution rates increased to 12% employee/12% employer

October 2010 – Received a favorable private letter ruling from the IRS, qualifying our plan, allowing contributions from the plan to be taken out of the employees paychecks pre-tax.

November 2010 – Contribution rates increased to 13% employee/12% employer, also the membership voted that if/when we were able to opt out of social security, the membership would increase employee contribution rates to 15.2%

June 2011 – Received a favorable determination letter from the IRS stating that our plan met the requirements to opt-out of social security. All monies paid into social security since plan inception were refunded to the employees and the district. Contribution rate increased to 15.2% employee/18.2% employer. The district had elected to put the 6.2% that they were contributing to social security towards the employers contribution rate in the pension fund.

August 2011 – Contribution rates increased to 18.2% employee/18.2% employer

September 2013 – Contribution rates raised to 19.2%/19.2%. Employees also vote to increase contribution rates to 20%, adding a 0.4% (19.6% Total) contribution rate increase starting 10/1/2014 and another 0.4% (20.0% Total) contribution rate increase starting 10/1/2015

November 2013 – Multiplier Increased from 1.67% to 2.61%. New D&D benefits reflect new multiplier. Survivor benefits increase from $100 a month to, spouse receiving 66% of a members full benefit, children’s benefit increased to add 7.47% per child, child w/o surviving spouse receives 14.94% of a members full benefit. 2 year DROP added.

October 2014 – Contribution rates increased to 19.6% employee/19.2% employer

May 2015 – Multiplier increased from 2.61% to, 3% for the first 20 years of service credit & 2.15% for every year of service credit after 20. D&D benefits reflect new multiplier. DROP benefit remains the same.

October 2015 – Contribution rates increased to 20.0% employee/19.2% employer

May 2019 – In the event both the member and their spouse pass away, we increased the orphan’s benefit, to that of the widow’s benefit. The benefit would cease at the same time as the current orphan’s benefit. Lowered the normal retirement age from the current 55 years of age to 53 years of age, and increased the multipliers from the current, first 20 years being worth 3% each and every subsequent year being worth 2.15% each to, the first 20 years being worth 3.4% each and every subsequent year being worth 2.2% each.

July 2021 – Changed the multipliers from the first 20 years of service being worth 3.4% each and every subsequent year being worth 2.2% each to the first 20 years being worth 3.4% each, years 21-30 being worth 2.2% each, and each subsequent year after 30 being worth 1.0% each. Added 12 months to the 24 – month DROP.  The third year of the DROP is attained at age 55 with 22 years of service.

February 2023 – Lowered the normal retirement age from 53 to 52. Moved 5-year averaging to 4-year averaging. DROP changes – 12-month DROP at age 52 with 20 years of service, 24-month DROP at age 53 with 20 years of service, and a 36-month DROP at age 55 with 22 years of service.