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FELPS addresses employee pension fund shortfall
Floresville Electric Light & Power System (FELPS) General Manager Kyle Dicke presents information about the FELPS’ employee pension system during the Dec. 4 board of trustees meeting.
FLORESVILLE -- The Floresville Electric Light & Power System’s (FELPS) employee pension plan is underfunded to the tune of approximately $1 million. General Manager Kyle Dicke informed the utility’s board of trustees of the situation during their Dec. 4 meeting.
Following his update, the board voted to approve a resolution related to the funding of the utility’s employee pensions. Beginning Jan. 1, FELPS will raise its contribution to the plan from 13.1 percent to 15 percent. Current employees, who contribute 4.5 percent of their gross pay, will see their contributions increase by a half of a percent each year until reaching 6 percent in 2017. All new employees will have their contributions set at 6 percent.
Also beginning Jan. 1, FELPS employees will receive health insurance coverage through Aetna, following a unanimous vote by the board.
Dicke said the system provides individual health insurance coverage to 69 of its 71 full-time employees, which for 2014 will cost $353 per employee, per month -- $292,284 per year.
The trustees also voted to renew FELPS’ optional dental plan with Guardian. Employees participating in the plan pay their own premium, which will increase from $23.48 to $25.46 per month.
The board also approved various revisions to the employee handbook.
For more on the FELPS board meeting, see article, page 8A.
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