Shelby County Retirement System Board Meeting
Tuesday, August 3, 2021 10:00 AM CT
160 North Main St., 5th Floor Conference Room.
Or virtual at: https://attendee.gotowebinar.com/register/9020265168028197387
After registering, you will receive a confirmation email containing information about joining the webinar.
Please note that there is no published agenda for this meeting.
Duties of the Retirement Office
The Shelby County Government offers its employees fully funded and defined benefit plans. It is the responsibility of the Retirement Office to oversee the administration of these plans, while the fiduciary responsibility is that of the Shelby County Board of Trustees. In addition to assisting retirees, the Retirement Office also deals with employees preparing to retire, refunds and rollovers of terminating employees, and those employees who become permanently disabled.
The Retirement Office has the responsibility of processing the payment of all monthly pension benefits.The total pension payroll for current pensioners as of , is in excess of $8 million dollars per month.The Retirement Office also insures that pre and post 65 retirees enrolled in Shelby County Government’s benefit program meet all eligibility requirements for health, life and voluntary insurance benefits.
Long-Term Disability Protection
As of January 2002, the disability portion of retirement is managed by an independent long-term disability (LTD) insurance carrier. The Retirement Office still disburses disability checks to those employees who became disabled prior to January 2002 and assists those applying for disability with the contracted LTD insurance company.
Retiree Medical and Life Insurance Plans
- If you were hired prior to June 11, 2007, you may be eligible to receive Shelby County Government Retiree Medical and Life Insurance when you initiate your retirement benefit.
- If you were hired on or after June 11, 2007, and have at least 15 years of service, you may be eligible for a County provided post-65 retiree medical plan benefit upon becoming eligible for Medicare. Life insurance benefits are not available after retirement.
Retirement System Audits & Valuations
The Shelby County Retirement System is audited each fiscal year. The financial statements for the county’s retirement system must fairly present the plan net assets and any changes those net assets. The internal control over financial report is also tested for compliance with provisions of applicable laws, regulations, contracts, and pension plan documents.
In conjunction with the audit, an actuarial valuation of Shelby County Government’s Retirement System is also conducted annual on the plan. Participants in all plans are contributory. Shelby County Government makes required contributions to the pension fund each year based on the yearly actuarial valuation requirements.
Pension Board Meeting Schedule