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Other Post-Employment Benefit (OPEB) Options
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INFORMATION CONTACT:
Beverly Liles, Finance, Director, 704-283-3675; Patrick Niland, County Manager’s Office, Deputy County Manager, 704-283-3630
ACTION REQUESTED:
Provide direction to staff on initiating an actuarial study to analyze the long-term financial impact of other post-employment benefit scenarios
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
The County currently offers two other post-employment benefit options to retirees outside of the local government retirement system to those employees that are eligible based on the County’s adopted Personnel Resolution. These benefits include retirees’ health care and separation allowance pension benefits.
On February 9, 2024, the board was presented information regarding OPEB at their Board Retreat. On May 6, 2024, the board was presented information on options for extending OPEB benefits to those currently not eligible and for new hires. At that meeting, the Board requested staff to provide information on pricing and timeline for conducting an actuarial study to analyze the long-term financial impact of the board chosen scenarios.
FINANCIAL IMPACT:
To be determined.