OPEB FUNDING POLICY DISCUSSION RON BAKER, CHIEF ADMINISTRATIVE OFFICER KOREN HOLDEN, SENIOR PROJECT MANAGER NOVEMBER 17, 2017
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1 OPEB FUNDING POLICY DISCUSSION RON BAKER, CHIEF ADMINISTRATIVE OFFICER KOREN HOLDEN, SENIOR PROJECT MANAGER NOVEMBER 17, 2017
2 Agenda» Why now? Reasons for PERA Other Postemployment Benefits (OPEB) Funding Policy Discussion» GASB Statement No. 74 (GASB 74), Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans» GASB Statement No. 75 (GASB 75), Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions» Purpose of PERA OPEB Funding Policy» Elements of a responsible OPEB Funding Policy» Proposed structure based on PERA Pension Funding Policy» OPEB Funding Policy objectives to consider Review of proposed OPEB Funding Policy Redlined from current PERA Pension Funding Policy» Timing, next steps, and questions 2
3 Reasons for PERA OPEB Funding Policy Discussion GASB Adoption of Statement Nos. 74 and 75» Applies to Other Postemployment Benefits (OPEB) plans Structure of these Statements is similar to the structure of GASB 67 and 68 which apply to pension plans» Recall recent development of PERA s Pension Funding Policy Adopted March 20, 2015 Current focus on considerations for an appropriate funding policy pertaining to PERA s two Health Care Trust Funds» PERA s current OPEB Funding Policy was last reviewed and adopted in November 2007» Impending implementation of: GASB 74: December 31, 2017 CAFR GASB 75: Fiscal years beginning after June 15,
4 Reasons for PERA OPEB Funding Policy Discussion (continued)» Similar to GASB 67 and 68, the adoption of GASB 74 and 75 Revised reporting and disclosure requirements shifts focus from a funding-based approach to an accounting-based approach Calculation of and comparison (of actual contributions) to the Annual Required Contribution (ARC) is no longer required Need a new funding benchmark which:» Reflects PERA s Funding Policy Objectives» Recognizes statutory nature of PERA s contribution structure 4
5 Purpose of PERA OPEB Funding Policy» State the Pension Funding Policy Objectives Published, accessible, and transparent Demonstrates thoughtful consideration and general Board consensus» Reinforce reporting and monitoring responsibility» Calculate an Actuarially Determined Contribution (ADC) rate Use primarily as a funding benchmark» PERA s contribution rates are set by statute» ARC will no longer have reporting significance» Prospective indicator of timely recommendations to Legislature regarding necessary funding revisions 5
6 Elements of a Responsible OPEB Funding Policy Annual calculation of an ADC rate similar in structure to the ADC determined for pension purposes» Funding Method Entry Age Normal Funding Method» Asset Valuation Method Smoothed actuarial value of assets» Four-year asset smoothing period» Amortization of UAAL Closed period(s) Level percentage of pay basis Length of amortization period(s) Layered periods of amortization» Existing UAAL» Various types of new/future UAAL Gains/Losses from various sources Changes in Assumptions/Provisions 6
7 Proposed Structure Based on PERA Pension Funding Policy» Current Pension Funding Policy sections I. Introduction II. Funding Objectives III. Annual Actuarial Metrics IV. Funding Valuation Elements V. Governance Processes/Procedures VI. Glossary of Funding Policy Terms 7
8 OPEB Funding Policy Objectives to Consider» Review of redlined Pension Funding Policy (conversion to OPEB Funding Policy), containing the following objectives: Based on an actuarially determined contribution Full funding (100 percent funding ratio) Contribution rate stability Interperiod equity» Intergenerational (demographic matching)» Period-to-period (volatility management) Combined target funding ratio > 100 percent Require annual reporting» Review of redlined Pension Funding Policy Update with references to revised OPEB Funding Policy Address a few other clean-up items 8
9 Timing, Next Steps, and Questions» Final Board decisions Targeted for the January 2018 Board meeting» Revised OPEB Funding Policy in place for the 2017 CAFR drafting period January through May of 2018» Questions 9
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