Benefits of TCSA Membership
Over time, TCSA has embarked upon a number of partnerships and affiliations in order to provide county governments in Tennessee with access to financial programs that save taxpayers money, make county government more efficient and help enhance the status of county government as an employer. These programs have been spun off as separate entities or have been created in partnership with other agencies or organizations. Most of these programs were created by county governments for county governments at a time when comparable services in the private sector did not offer local governments competitive rates.
TCSA Loan Program
The Tennessee County Services Loan Program (TCSLP) provides borrowers - both large and small - with a less expensive, more flexible alternative when funds are needed for capital projects. The TCSLP was launched in 1995 to create and administer various types of loan programs to drive down the costs of borrowing for capital investment by counties. It is managed cooperatively with the Tennessee Municipal Bond Fund which made its first loan in June of 1986. The programs are non-profit governmental entities that are self-supporting and are governed by their own board of directors made up of local government officials.
By working with a number of service providers and financial institutions, the TCSLP is able to negotiate lower fees for counties. By utilizing large pools of money, it is able to spread costs over many borrowers thus lowering the cost of issuance for each borrower. Combined, the TCSLP and TMBF programs have issued over $3.8 billion in loans to local governments in Tennessee and have saved cities and counties over $500 million in interest expenses alone. The TCSLP works closely with county officials to structure cost-effective and flexible borrowing options. Loan sizes vary from as small as $21,000 to as large as $100 million. The TCSLP offers capital outlay notes and both fixed and variable rate loans.
Any governmental purpose project qualifies for financing through the TCSLP programs. The loan size and/or repayment term typically determines which program a borrower utilizes. More than 260 local governments have utilized TCSLP and TMBF services resulting in tremendous cost savings for these borrowers. Types of projects include but are not limited to schools, roads, utilities, public buildings, jails, equipment, and any other project considered to be of benefit to the public. Project funds are available for any size government.
For more information, contact the TCSLP at:
226 Capitol Blvd, Suite 502
Nashville, TN 37219
Local Government Insurance Pool
The Local Government Insurance Pool (LGIP) is a combined effort from the Local Government Property and Casualty Fund (est. 1985) and the Local Government Workers’ Compensation Fund (est. 1981).
Designed exclusively for Tennessee counties and county agencies, these not-for-profit Funds solely exist to provide a consistent and stable alternative for the insurance needs of Tennessee county governments (general fund, highway departments, schools and other county services). For over 30 years LGIP has protected all departments of Tennessee counties by providing:
• Workers’ Compensation
• General liability
• Law Enforcement & Jail Liability
• Public Officials Liability (Errors & Omissions)
• And other related property and casualty needs.
LGIP places significant emphasis on safety and, with the help of two designated Loss Control representatives, provides members with the tools and training to prevent or reduce claims. However, when accidents or incidents do occur there are experienced adjusters located in Tennessee prepared to handle claims quickly and professionally.
For more information, contact the LGIP at:
26 Century Blvd, Nashville, TN 37214
Direct: (615) 872-3554
Tennessee Deferred Compensation Program
Beginning in 2013, TCSA entered into an agreement with the Tennessee Department of the Treasury to help make deferred compensation programs available to county employees. The Tennessee Deferred Compensation Program offers local governments access to both 457(b) and 401(k) plans. These plans cost the county nothing as an employer but give county employees competitive options to save for supplemental retirement plans. Offering additional benefits to employees helps the county, as employer, recruit and retain high quality employees. Many counties participate in the Tennessee Consolidated Retirement System which is also administered by the state Treasury Department. These deferred compensation plans help employees save additional dollars for retirement to enhance their benefits.
The state Treasurer’s Office administers this supplemental retirement savings program along with a chosen record-keeper, currently Empower Retirement. Through contracting for services for a major statewide program, the treasury department was able to negotiate reduced administrative fees, making the program competitive and highly affordable for participating employees. Lower fees mean more of your employees’ contributions can stay invested in the plan. A hidden benefit of having a program administered under the state Treasurer’s Office is that the state assumes the role of fiduciary for the plan, relieving the county of burdens and potential liabilities.
Local representatives are available to assist county employees with many aspects of the program such as enrollments, rollovers, quarterly statements, naming beneficiaries, etc. Representatives also conduct participant educational meetings across the state to help employees plan for the future.
Contact the Deferred Compensation program at:
545 Mainstream Drive, Suite 407
Nashville, TN 37228
Nashville Office: 800-922-7772 Option 2 or (615) 532-2347
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