GRAYSON COUNTY, TEXAS -- Grayson County has changed its employee retirement plan in an attempt to pay off $16 million dollars in unfunded liability.
County commissioners voted Wednesday to reduce the percentage of employees's salaries that can be invested in the Texas County and District Retirement System from 7 percent to 4 percent.
The county will continue to match every employee dollar invested in TCDRS with $2.25.
County employees will also have the option to put 3 percent of their salary into a deferred compensation plan.
For existing employees investing in the deferred compensation plan, the county will match every dollar invested with $2.25.
For employees hired after October 1, 2013, the county will match dollar for dollar in the deferred compensation plan.
County Human Resources Director Andrea Mory says the money the county saves through the new plan will help pay off their $16 million dollar retirement fund debt.