Pension payment approved by Coweta commissioners
It was that time of the year to ante up the contribution for the defined benefits pension plan for county employees. Coweta County commissioners last week approved budgeted funds of $2.2 million.
Commissioners voted to approve the $2,245,878 annual lump sum contribution that covers a total of 387 participants.
The plan calls for participants to contribute 2.75 percent of salary to the plan which is matched by the county. This provides one-fourth of the benefit cost for the plan’s 15-year projected obligation.
The county’s match breaks down to a range of approximately $18,700 per month.
County staff noted that the county’s annual lump sum contribution is a budgeted item.