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. In addition to assisting retirees, the Retirement Office also deals with those employees who become permanently disabled.
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.
Retirement System Audits & Valuations
The Shelby County retirement system is independently audited (separate from the Shelby County Government's general audit) each fiscal year. The financial statements for the county's retirement system must fairly present the plan net assets and any changes in those net assets. The internal control over financial reporting is also tested for compliance with provisions of applicable laws, regulations, contracts, and grants.
In conjunction with the independent audit, an actuarial valuation of Shelby County Government's retirement system is also conducted annually on the plan.