HomeMy WebLinkAboutRE: Do you know what our Retirement Liability is?
Mike Plane
From:Brent Hyatt
Sent:Tuesday, April 11, 2023 16:45
To:Breanna Howard
Subject:RE: Do you know what our Retirement Liability is?
It wouldn’t be too hard to track. We use an excel spreadsheet now for re?red employees. Saving are probably around
$400,000 and nobody could complain about losing any benefit.
I signed up Rosa and Angie for training on U?lity Billing today and tomorrow. It covered two employees, and I planned
on sneaking in. It was actually training on the cloud version (Cirrus). Most of it didn’t apply. I thought it was a mistake.
“Oh no, I wasted $900”. Angie went home feeling sick. Rosa stuck it out. It was a bigger mistake than I realized. Now,
Rosa has a list of all the benefits that Cirrus offers we don’t have.
Brent Hyatt
Assistant Finance Director
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
208-735-7241
mailto:bhyatt@tfid.org
From: Breanna Howard <bhoward@tfid.org>
Sent: Tuesday, April 11, 2023 4:37 PM
To: Brent Hyatt <bhyatt@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
I think we are trying to simplify our process and I wonder if a new so?ware can do this piece. Or maybe we have the
calcula?ons in place that just stay in an excel spreadsheet?
Gretchen wants me to con?nue with so?ware so I am going to pick the baton back up soon.
From: Brent Hyatt <bhyatt@tfid.org>
Sent: Tuesday, April 11, 2023 4:35 PM
To: Breanna Howard <bhoward@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
1
What about freezing it under the new plan and then paying out actual use as people matriculate out? Just throwing out
ideas without thinking about them.
Brent Hyatt
Assistant Finance Director
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
208-735-7241
mailto:bhyatt@tfid.org
From: Breanna Howard <bhoward@tfid.org>
Sent: Tuesday, April 11, 2023 4:33 PM
To: Brent Hyatt <bhyatt@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
. . . which is why we will fund it.
From: Brent Hyatt <bhyatt@tfid.org>
Sent: Tuesday, April 11, 2023 4:33 PM
To: Breanna Howard <bhoward@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
I can’t think of a way. Many people probably couldn’t give a re?rement date even if asked. I think it would be too
subjec?ve.
Brent Hyatt
Assistant Finance Director
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
208-735-7241
mailto:bhyatt@tfid.org
2
From: Breanna Howard <bhoward@tfid.org>
Sent: Tuesday, April 11, 2023 4:30 PM
To: Brent Hyatt <bhyatt@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
Is there any way of es?ma?ng with any accuracy who would not be able to use it and we shouldn’t pay it out?
From: Brent Hyatt <bhyatt@tfid.org>
Sent: Tuesday, April 11, 2023 4:19 PM
To: Breanna Howard <bhoward@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
Yes, I think so. Right now, current employees have $697,292 (see a?ached) in their bank. I personally think it’s crazy to
fund that because most of that money would never be paid out. Most employees will re?re near 65. Police and Fire
o?en hit 65 before they use it all up.
Brent Hyatt
Assistant Finance Director
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
208-735-7241
mailto:bhyatt@tfid.org
From: Breanna Howard <bhoward@tfid.org>
Sent: Tuesday, April 11, 2023 4:11 PM
To: Brent Hyatt <bhyatt@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
So when ELT talks about funding the re?rement bank, we are talking about the en?re $442k, right?
From: Brent Hyatt <bhyatt@tfid.org>
Sent: Tuesday, April 11, 2023 4:08 PM
3
To: Breanna Howard <bhoward@tfid.org>
Subject: RE: Do you know what our Retirement Liability is?
For the audit we booked $141,321 which figures in who is using it, how much they are using each month, and how long
before the lose it at 65. The number of hours in the re?rement bank of exis?ng employees and the $$$ assigned to each
is a different number. Want that number too?
Brent Hyatt
Assistant Finance Director
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
208-735-7241
mailto:bhyatt@tfid.org
From: Breanna Howard <bhoward@tfid.org>
Sent: Tuesday, April 11, 2023 4:03 PM
To: Brent Hyatt <bhyatt@tfid.org>
Subject: Do you know what our Retirement Liability is?
Breanna Howard, CPA
Chief Financial Officer
City of Twin Falls
P.O. Box 1907
Twin Falls, ID 83303
Phone: (208) 735-7285
Cell (208) 749-0730
4