Plan Type: Defined benefit
Accrual Rate: 2.5% (capped at 75%)
Employee Contribution: 6.5%
Value of Assets: $581,527,770
Accrued Liability: $554,945,546
Unfunded Accrued Liability: Overfunded $26,528,224
County Required Contribution: $5,555,541
Required Contribution per Household: $26.10
Employee Contribution: Approximately 70% of premiums
Value of Assets: $4,201,774
Accrued Liability: $38,377,399
Unfunded Accrued Liability: $34,175,625
County Required Contribution: $3,957,970
Required Contribution per Household: $18.59
Plan Type: Defined contribution
Membership: All full time employees
Employee Contribution: $849,000
Employer Contribution: Up to 6% ($717,000)
Employer Contribution per Household: $3.36
Before the creation of the Road Commission Defined Contribution Plan, the Kent County Road Commission participated in the Municipal Employees' Retirement System of Michigan (MERS), an agent multiple-employer defined benefit pension plan. For the year ended September 30, 2008, the Road Commission's had no annual pension cost. The Road Commission also uses MERS to administer its OPEB plan. For the year ending September 30, 2008 the Road Commission contributed $203,000 to cover current healthcare premiums and $293,000 for advance funding. As of the most recent actuarial valuation date, the OPEB plan was entirely unfunded. The Kent County CMH Authority also participates in MERS for its pension and OPEB plans. For the year ended September 30, 2008 the Authority contributed $395,314 to the pension plan, and the plan is currently overfunded by $1,775,970. The Authority has an entirely unfunded liability of $266,416 in its OPEB plan. More information on MERS can be found here.
Information from Kent County CAFR.