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Other Post Employment Benefits (OPEB) - Options Actuarial Study Results Update
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INFORMATION CONTACT:
Clayton Voignier, Assistant County Manager, 704-283-3687
ACTION REQUESTED:
Provide staff with direction on OPEB options related to special separation allowance.
PRIOR BOARD ACTIONS:
1) June 3, 2024, Regular Meeting, Agenda Item # 24-386 - The Board directed staff to initiate an actuarial study to analyze the long-term financial impact of other post-employment benefit scenarios.
2) October 21, 2024, Regular Meeting, Agenda Item # 24-588 - The Board approved changes to the County’s Post Retirement Healthcare Benefit as presented in Scenario 1.
BACKGROUND:
The County currently offers two OPEB 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.
At the October 21, 2024, Regular Meeting of the Board of Commissioners, the Board requested staff to provide additional information related to special separation allowance.
FINANCIAL IMPACT:
To be determined.