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Officials review OPEB, LOSAP and sheriff retirement valuations; board weighs pre‑funding and budget tradeoffs
Summary
County finance and HR staff reviewed actuarial valuations for retiree health (OPEB), the LOSAP volunteer retirement program and the sheriff’s retirement plan on Feb. 9, showing multi‑million‑dollar liabilities and prompting requests for funding scenarios and PAY‑GO/trust splits.
County finance and HR staff briefed the Board of Commissioners on retiree benefit valuations on Feb. 9, presenting the latest actuarial reports for the county’s OPEB (other post‑employment benefits) trust, the LOSAP volunteer retirement program and the sheriff’s office retirement plan.
CFO Elaine Kramer explained that the most recent valuation for county retiree health (the OPEB plan) showed an actuarial accrued liability (AAL) for service to date of about $95.6 million and trust assets of roughly $63.6 million, leaving a net unfunded balance (unfunded liability) in the range discussed in the valuation. Kramer stressed these figures relate to employees electing county health coverage; the report separates active employees and retirees in pay status and uses a 6% discount rate in the valuation assumptions.
Kramer outlined why the…
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