Sunday, June 16, 2024
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Cookeville City Council Votes To Accept TCRS And CRMC Retirement Repayment Plan

The city of Cookeville voted to accept the retirement repayment plan with Cookeville Regional Medical Center at their special-called meeting on Friday morning.

City Manager James Mills said approving this resolution is a significant long-term impact for the city.

“The potential to reduce the city’s annuals TCRS contribution by almost half will literally save us millions of dollars,” Mills said. “The process to complete the transfers started more than three years ago and was truly a team effort.”

Mills said the efforts were made possible through the aid of City Attorney Dan Rader and through the cooperation of CRMC CEO Paul Korth.

The plan states that all of Cookeville’s assets and liabilities for employees from before the 1999 separation will be moved to the hospital, and the city would be reimbursed for any potential loss in investments. Council also voted to accept a second resolution that would freeze the hospital’s payment in lieu of taxes at $700,000 until 2028.

CRMC’s Board of Trustees voted unanimously to approve both resolutions at their meeting Thursday night.

The error was found by previous City Manager Mike Davidson, and was left for Mills to pursue. Rader said he applauded the work Mills has done.

“Mr. Mills picked up this ball that Mr. Davidson left and ran with it full speed ahead and kept everything on track,” Rader said.

Mills also thanked Davidson for starting the process, and the treasury department for their help.