The Woodlands (Texas) Township is searching for an actuarial consultant to conduct a benefits study on a proposed new defined benefit pension plan for township firefighters, confirmed Susan Welbes, director of human resources.
The firefighters in May approved creating The Woodlands Fire Fighters' Relief & Retirement Fund and established employer and employee contribution rates of 12% each. The township board will use the study to help decide whether to proceed with the new DB plan, Ms. Welbes said in a telephone interview.
Township officials want to ensure the DB plan offers at least the same benefits currently provided in the $29 million township employees defined contribution plan, to which firefighters currently contribute, Ms. Welbes added. The DB plan would replace the DC plan for firefighters, she said.
The RFP is available on the township's website. Proposals are due at 5 p.m. CDT Sept. 7. A hiring decision is expected by the end of September. Ms. Welbes said the township would like to make a decision whether to move forward with the plan by the end of the year.