Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Pension And Benefits topic
No spam. Unsubscribe anytime.
Trustees review OPEB actuarial snapshot and await final audit; funding shortfall noted
Summary
The board reviewed an actuarial snapshot showing plan assets of about $1.12 million and a projected liability near $2.115 million, leaving an unfunded accrued liability of roughly $994,000. Trustees were told funding the plan would require increased contributions and the final audit is pending.
Trustees received an actuarial snapshot of the library's Other Post-Employment Benefits (OPEB) and a preliminary audit status report. The actuarial material indicated the plan had an estimated $1,120,000 in assets for fiscal-year-end 2022 and a projected full liability of about $2,115,000, leaving an unfunded accrued liability of approximately $994,000.
Michael (staff member) told trustees the library's current budget includes a pay-go amount of about $99,000, while the actuaries recommended a larger contribution (the presentation noted approximately $146,000 for the coming year) to move toward full funding. The speaker said the funding ratio would rise to about 80% if additional contributions were made, and estimated total funding needed in that scenario would be roughly $1.8 million.
Trustees and staff discussed funding options, including using a year-end surplus if available; staff cautioned that the final audited numbers were not yet available and the auditors had not closed the books. Michael said the final audit was expected before the end of the month and that a subsequent report would present exact figures and any recommended adjustments to the budget.
Ending: Trustees asked staff to provide the final audit and an updated actuarial schedule when complete so they can consider whether to direct any surplus funds into the OPEB account.
