March, 2015

27
Mar
2015

Moraga-Orinda Fire District OKs PARS health care trust

Categories: California Developments,OPEB/GASB 45/75,PARS In the News

Moraga-Orinda Fire District officials have agreed to set up a trust and begin funding $16.9 million in future retiree health care benefits. Governing board members voted March 18 to establish the trust with Public Agency Retirement Services, or PARS, a private trust administration program. The district plans to deposit $84,000 into the US Bank trust, invest the funds and use the earnings to pay for $16.9 million in "other postemployment benefits," or OPEB, the district has promised its employees.

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24
Mar
2015

Options to Consider When Facing Increasing Liabilities and Contribution Rates

Categories: California Developments,OPEB/GASB 45/75,PARS In the News

During a recent seminar segment presented by John Bartel, aka resident actuarial expert. A big topic on his list of presentation items was called “Paying Down Unfunded Liability and Rate Stabilization.” He outlined six options for audience members to consider when they are faced with increasing unfunded liability and contribution rates. John stressed he did not recommend all of them, but did detail the pros and cons of each.

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13
Mar
2015

Texas House Plan Would Plug Hole in Pension Fund

Categories: Texas Developments

House lawmakers unveiled a plan Tuesday to shore up Texas’ chronically underfunded retirement system for state employees. The roughly $440 million proposal would increase how much the state and its workers contribute to the Employees Retirement System pension fund, which currently holds just 76 cents for every dollar it promises retired workers.

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13
Mar
2015

Retiree healthcare costs burdening some large US local governments

Categories: National Developments,OPEB/GASB 45/75

Annual budget contributions and liabilities associated with retiree healthcare vary widely, Moody's Investor Service says in a new report. In the short term, median costs for OPEBs for local governments are not likely to significantly exceed the 1.5% of operating revenue last reported in fiscal 2013, but OPEB outlays will rise in the future due to healthcare inflation and growing retiree populations, and as more governments move from pay-as-you-go funding to a prefunding approach.

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12
Mar
2015

Wareham, MA joins Plymouth County OPEB Trust to save ‘millions’

Categories: New England Developments,OPEB/GASB 45/75,PARS In the News

The town (of Wareham, MA) became the first municipality in the county to join a new program that helps fund the high cost of retired employees' benefits. Town Administrator Derek Sullivan said after the vote he was ecstatic that the town decided to join. "We will be saving millions of dollars right off the bat," he said. "Our OPEB liability is looking to be around $82 million. This will be a great help."

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