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Commissioners clarify LOSAP funding: $986,043 health rebate added to $1 million appropriation; actuarial review to guide benefit increases
Summary
The board agreed that a $986,043 health care rebate would be added to an existing $1 million LOSAP appropriation and discussed possible additional contributions and timing for actuarial valuation before any benefit increases for long-tenured participants.
St. Mary's County commissioners on May 6 clarified that a reported $986,043 health-care rebate is to be added to an existing $1,000,000 appropriation for the county’s Length of Service Award Program (LOSAP), and discussed options for further contributions ahead of an actuarial valuation later this year.
County finance staff explained LOSAP currently sits in an enterprise fund with a $1,000,000 budgeted contribution and that the health-care rebate would be in addition to that amount. A commissioner asked that the full…
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