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James J. Rizzo, Senior Consultant & Actuary from GRS, explained that the <br />Government Accounting Standards Board requires the County to measure and incorporate into <br />the County's financial statements, the long-term costs for subsidies provided to retiring <br />employees. Through a PowerPoint Presentation (copy on file) , he detailed the retirement <br />benefits which are available to current and future retirees; discussed the wisdom of letting <br />current and new retirees know about the Medicare Advantage Plan; and provided a comparison <br />of the actuarial values for non-prefunded and pre -funded subsidies. Mr. Rizzo encouraged the <br />Board to establish an OPEB trust to pre -fund the long-term obligations of the retiree benefits <br />plan. <br />Discussion ensued as the Board, staff, and Mr. Rizzo made observations about the <br />establishment of a Trust Fund, and the appointment of trustees and what their functions would <br />be. <br />Director Brown reported that between July 15, 2008 and September 30, 2008, the <br />Budget Director would be returning with a Trust Agreement for Board approval. <br />ON MOTION by Vice Chairman Davis, SECONDED by <br />Commissioner Flescher, the Board unanimously approved <br />the Other Post -Employment Benefits (OPEB) Actuarial <br />Report as of October 1, 2007, as presented on pages 262 <br />through 307 of the backup. <br />July 15, 2008 20 <br />