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Benefits account for roughly one-quarter of personnel costs; health premium funding and PERSI highlighted
Summary
Budget analysts briefed JFAC on the state's employee benefits package, noting benefits account for about 26.6% of personnel spending; the governor's health-insurance appropriation recommendation is more conservative than actuaries' reserve-draw projections and PERSI employer rates were summarized.
"Benefits generally account for about a quarter of the state's overall personal cost expenditures. In fiscal year 2024, 26.6 percent of personnel cost expenditures were for benefits." (Frances Lippitt, Legislative Services Office)
Legislative Services Office staff explained to JFAC how employee benefits are budgeted and how those costs feed into the state personnel budget. The benefits package discussed includes health and dental insurance, the PERSI retirement plan, Social Security and Medicare, life insurance, and workers' compensation. LSO staff said benefits typically represent about 25%…
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