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.
