Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Plan Administration topic
No spam. Unsubscribe anytime.
Plan administrator: FY25 OPEB reimbursements budgeted at $6.2M; $3.6M reimbursed to date
Summary
Deputy Finance Director and plan administrator Joy Sapp reported a $18,000 capital call, administrative payments of $37,302.79, and reimbursements of $3.6M to date against a $6.2M FY25 budget; the board accepted the report by voice vote.
St. Mary's County OPEB Board, April 25 — Joy Sapp, deputy director of finance and the plan administrator, reported administrative and cash-flow activity for the OPEB trust and the board accepted the report at the meeting.
Sapp reported that since the last meeting the plan had one capital call of $18,000 to the JMI equity fund. She said the plan paid $37,302.79 in administrative payments, covering quarterly service payments to Principal and Marquette Associates and invoices to Boomershine. For fiscal year 2025 the reimbursement budget to the county for healthcare costs is $6,200,000; reimbursements through April 23 total $3,600,000 and the final quarterly reimbursement, approximately $1.2 million, is expected in May 2025.
Scott Ostrow moved to accept the plan administrator report as presented; the motion was seconded and approved by voice vote (counts not specified). Sapp also noted the next OPEB Board meeting is scheduled for June 27, 2025.
The board took no further administrative actions beyond accepting the report and adjourning the meeting.
