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Actuary: Brainerd’s retiree-benefits trust covers ~80% of liability; annual OPEB levy remains available
Summary
An actuarial review presented to the Brainerd School Board found the district’s other post‑employment benefits (OPEB) accrued liability at about $19.9 million with roughly $15.9 million in an irrevocable trust (≈80% funded); consultants noted an annual levy option for up to about $450,000 could be pursued to cover unfunded portions.
An actuarial presentation at the Sept. 23 Brainerd School Board meeting showed the district’s accrued liability for other post‑employment benefits — chiefly retiree medical and dental — is about $19.9 million, with an irrevocable OPEB trust valued at roughly $15.9 million as of July 1, 2024.
Jill Ertel, an actuary working with the district’s consulting firm (HLDI/USI), told the board the district is about 80% funded on its current accrued OPEB liability. The remaining unfunded portion is roughly 20% of the accrued liability.
“How much do you have to pay out approximately each year in these OPEB benefit payments?” a board member asked; Ertel said the expected benefit payments for fiscal 2024–25 are roughly $2.3 million, with about $1.6 million…
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