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Finance staff: September operating variance positive; reserves exceed $592M
Summary
Finance staff reported September operating results with a positive variance, benefit payments near $38.5 million for September and ~$47.9 million for October, and a contribution fund reserve of about $592.1 million.
Dave, finance staff, presented operating results for September and a preview of October. For September the operating account spent $976,000 with a positive variance of $334,000; year-to-date operating variance remained positive. Benefit payments for September were approximately $38.5 million, contributing to a negative contribution-activity variance largely caused by payouts. The contribution fund reserve available for payments was reported at just over $592,100,000.
Investment income for the period was about $2.1 million, and the effective investment rate for the period was approximately 4.3% (a decline from earlier months after federal rate adjustments). Dave previewed October, noting benefit payments that month were roughly $47.9 million due in part to reimbursing Aflac for five weeks of payments; the recent weekly run rate was about $9.6 million. Staff said bond-money payouts were timing-driven and the bond fund balance remains around $1.3 million.
Board members had no further questions. The finance presentation was received for information and will be part of regular oversight reporting.
