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Board transfers $88,000 into VEBA to bolster health plan reserves
Summary
Facing higher claims and depleted VEBA reserves, commissioners approved a one-time transfer of $88,000 from general contingency to the county VEBA account while an actuarial review is underway.
County finance staff reported higher-than-expected medical claims have significantly reduced the self-funded health insurance and VEBA reserve balances and that an actuarial study is in progress to recommend longer-term adjustments. Carlos Aponte reviewed recent claims activity and the need to shore up reserves pending further analysis.
Commissioner Young moved and Commissioner Clark seconded a transfer of $88,000 from general contingency into the VEBA account to stabilize reserves until the actuarial review is complete. The motion passed by roll call with Commissioners Clark, Young and Chairman Hancock voting aye.
