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City hears OPEB funding options as long-term liability shown near $40 million under conservative assumptions
Summary
An outside advisor briefed the council on the city's unfunded other post‑employment benefit (OPEB) liability and recommended steady annual contributions and a higher‑return investment posture to reduce the long‑term burden.
City finance staff and an outside adviser on Tuesday gave the City Council an update on the city’s retirement and post‑employment benefit liabilities and options to reduce future costs.
Mark Schuster of Schuster Advisory Services told the council an actuarial valuation shows an accrued OPEB liability that is sensitive to the discount rate used in the calculation. Using the low discount rates in the current valuation produced…
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