Fessenden  Consulting
Group, Inc.
 

The Program

 

The Legacy Fund™ Program is a long-term program designed to fund employee benefits without necessarily affecting cash flow. The program creates a revenue stream that is an asset and can save taxpayer dollars.

The concept has been used in the banking and business world for decades as a way to fund employee benefits and is now available to Tennessee businesses and government.  The Legacy Fund™ Program is in compliance with the State of Tennessee laws.                    
 

The Issue

In these times of reduced revenue and increased employee benefit and retiree costs, many Cities and Counties are seeking revenue alternatives. Most Tennessee Cities and Counties are experiencing ever-increasing employee benefit costs. Health insurance premiums continue to increase. Often, raising taxes to pay for increased benefit costs, or reducing benefits as a way to cut costs, are common options considered by Cities and Counties. However, the Legacy Fund™  Program is another option for funding employee benefits. 

 

Consider the following reports (click on the link below):

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The Trillion Dollar Gap - Underfunded State Retirement Systems and The Roads to Reform
PEW CENTER ON THE STATES, February 2010

Credit Suisse GASB - Uncovering $1.5 Trillion in Hidden OPEB Liabilities for State and Local Governments 
CREDIT SUISSE, March 2007

 

The Solution

The Legacy Fund™ Program is an option to create an additional revenue source for the purpose of funding various employee benefits. For decades the business and banking world have funded employee benefits with this type of program.

The benefits of the Legacy Fund™ Program for Cities and Counties include: 

• Can save taxpayer money.

• A legacy program for the future which will benefit City and County employees and taxpayers.

• Create funds to pay for employee benefits such as health insurance premiums.  

• Enhances the overall financial stability of the City or County.  

• May reduce the need to increase taxes to fund increasing employee benefits costs.  

• May maintain future benefits without the need to make cuts.  

• Is cost‐effective so the budget is NOT necessarily negatively impacted.

• Has potentially less risk relative to other funding options.

The Tennessee Comptroller has reviewed this program and it is in compliance with Tennessee state law.

 

Participating Firms

 

Fessenden Consulting Group (FCG), headquartered in Nashville, Tennessee, is an independent employee benefit consulting firm, family-owned and operated, and is unique in the way business is conducted. FCG's average client longevity is in excess of 20 years and have clients for whom they have consulted for 20, 25, 30 and even 40 years. These clients include both private businesses and government. On the average, FCG consultants have over 30 years of experience in the employee benefit field. FCG  brings the relevant parties together to offer the The Legacy Fund™ Program to Tennessee Cities and Counties. FCG is responsible for educating appropriate City/County officials so that an informed decision can be made whether to implement the The Legacy Fund™ Program and coordinating all aspects of implementing and monitoring of the The Legacy Fund™ Program.

FCG has established relationships with:
 

• Tennessee Association Utility Districts

• Tennessee City Managers Association ​

• Tennessee Organization of School Superintendents​​​

 

Learn More About The Lagacy Fund Program:

 

Chris Fessenden, President
Phone: 865-805-3777
E-mail:  chris_fessenden@fessendencg.com

David Fessenden, Chairman
Phone: 615-308-7926
E-mail:   david_fessenden@fessendencg.com

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