2024-023 - Laserfiche WebLink

Home Browse Search

Hired Before 2/1/2006 Retiree or Spouse Medicare Hired On or Retirement Date Service Under Age 65 Eligible*** After 2/1/2006 Less than 15 No Subsidy 20% Subsidy* ears Before 2% per Year of Additional 20% 1/31/2009** At least 15 Service Subsidy years (maximum of (maximum of 60%)* 40% No Subsidy Less than 15 No Subsidy No Subsidy ears On and After 2% per Year of 1/31/2009** At least 15 Service Subsidy Ceases years (maximum of 40% *Additional Subsidy will be paid to Medicare Eligible retirees regardless of which plan they are enrolled in (County's medical plan or Medicare Advantage Plan) and regardless of whether they become Medicare Eligible before or after October 1, 2004. **Employees who commit by June 1, 2008 to retire before January 31, 2009 will receive subsidy as if retired before June 1, 2008. ***Effective May 1, 2016 and prospectively, subsidy does not cease until both Retiree and Spouse are Medicare eligible. The OPEB Trust financial statements are reported using the accrual basis of accounting and are included in the Indian River County Annual Comprehensive Financial Report. Questions regarding the OPEB Plan may be directed to the Chief Deputy Comptroller. At October 1, 2021, the date of the latest actuarial valuation, plan participation consisted of: Active participants 1,565 Retired participants 543 2,108 There are two classes of participants at October 1, 2021: Regular and senior management 1,357 Special risk 751 2,108 The average employer's contribution was $628 per employee, approximately 0.93% of current payroll. Financial statements for the OPEB Trust are included in Annual Comprehensive Financial Report for the Fiscal Year ended September 30, 2023 and can be found on pages 46-47. A separate, stand-alone financial report is not issued by the County. 43