27
Dec
2013

Retiree Health-Care Benefits: The Next Shoe to Drop?

Categories: OPEB/GASB 45/75

Kentucky joined scores of states and municipalities in passing legislation that aims to tackle the state’s woeful funding of its pension plans for retired workers. But lurking in the background of that $33 billion unfunded liability is another multibillion dollar problem waiting to happen: how to pay for the rising cost of retiree health care. Kentucky is taking a rather unusual approach and opting to issue bonds in order to cover its annual costs for "other post-employment benefits" (OPEB), which includes benefits like health care and life insurance for retired workers... The tactic of borrowing money to pay for those costs has not won the state favor with ratings analysts.

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13
Dec
2013

Santa Maria-Bonita School District Saves BIG With a PARS Early Retirement Incentive

Categories: Early Retirement Incentives,Hot Sheets

Santa Maria-Bonita School District first utilized the PARS Early Retirement Program (aka Supplementary Retirement Program or SRP) back in 1995, and has been conducting early retirement incentive plans on a periodic basis ever since. The incentive achieved high participation and savings - more than $870,000 over the next five years!

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13
Dec
2013

The Superior Courts of the Counties of Marin, San Mateo and Shasta Join the Full-Service OPEB Trust

Categories: Hot Sheets,OPEB/GASB 45/75

PARS created a comprehensive “one-stop” program to help agencies like the Superior Courts of California, with the challenges of complying with GASB 45 related to retiree health care benefits. Many courts have recently been contacting PARS about pre-funding OPEB for a number of reasons...

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08
Nov
2013

Stockton sales tax plan set to end bankruptcy, pensions spared

Categories: California Developments

When Stockton, California, filed for bankruptcy last year, the stage was set for a precedent-setting battle with Wall Street over whether bondholders or retired public employees should pay the price when a local government goes broke. But under the terms of recent settlements, bond insurers who are backing about $240 million in city debt will accept a "haircut" of as much as 50 percent on some bonds. Retirees will keep their full pensions, though 1,100 of them will lose their retiree health insurance.

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06
Nov
2013

Retirement Health Care Costs Cited as Top Concern

Categories: OPEB/GASB 45/75

A new study by John Hancock found that employees' biggest retirement-related concern is the financial risk of rising health care costs. Conducted as a part of the John Hancock Investor Sentiment Index for Signator Investors, Inc., the study found that other retirement-related concerns included changes to Social Security and/or Medicare, and running out of money during retirement. The study also found that the percentage of employees citing these concerns has increased from earlier studies. According to the study, more than half (55%) of respondents said they were very concerned about rising health care costs in retirement, a seven-point jump from last year’s study.

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