The OPEB Journey: One Municipality s Success Story
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1 The OPEB Journey: One Municipality s Success Story Presented By: Tara Tyler Benefit Plan Advisor Sara Tackett Director, Jackson District Library Christian Goodman Director, RightOpt Health Exchange Solutions
2 2 Agenda GASB 75 Overview Jackson District Library (JDL) Situation & Solution What Is The Exchange and How It Works Other Strategies Implemented Wrap Up & Questions
3 GASB 75 Overview
4 4 GASB 75 Overview New accounting standards issued June 2015 changed accounting for Other Post Employment Benefits (OPEB) Similar impact as GASB 68 Update to GASB 45 standards Bi-annual valuations are REQUIRED Liabilities will now be reported on the government wide financial statements as a Net OPEB Liability versus a footnote
5 5 GASB 75 Overview Government Employers Providing OPEB Effective Date Fiscal years beginning after June 15, 2017 Implementation June Year End 2018 September Year End 2018 December Year End 2018 March Year End 2019
6 6 Basic OPEB Formula Employers will now record the NET OPEB liability on the full accrual statements TOTAL OPEB Liability OPEB Fiduciary Net Position NET OPEB Liability These amounts will be measured as of the measurement date
7 7 The Scope OPEB has become the single largest category of unfunded liability for many of the local units that provide these benefits.* The total OPEB unfunded liability for Michigan s municipalities is $7 billion. Average OPEB funding level is 14% *Legacy Costs Facing Michigan Municipalities, MSU Extension 1/8/16
8 8 Reducing the Liability 48% of the municipalities have reduced their OPEB liability since The other 52% reported an increase* Many approaches are taking place for surrounding communities:* Closing defined benefit retiree health care Voluntary renegotiations Bonding * Legacy Costs Facing Michigan Municipalities, MSU Extension 1/8/16
9 Jackson District Library Situation & Solution
10 10 Jackson District Library Situation OPEB Liability - $7.9M New hires cease retiree benefits in 2007 Began prefunding in 2008 Goal to address only post-65s due to larger count of retirees (only 1 pre-65) Began working with HR Consultant
11 11 Jackson District Library Situation, Cont. Actives Retirees Pre-65 Post-65
12 12 Jackson District Library Situation, Cont. Post-65 retirees JDL was paying an average/person of $8, with group plan
13 Jackson District Library Situation, Cont. 13
14 14 Jackson District Library Approach May 2015: Shared Actuarial report with Board and Union Union representative voice for retirees November and December 2015 presented Exchange to group and discussed other options
15 15 Jackson District Library Solution RightOpt Exchange Multiple plan options Low cost Customer service Provide a monthly tax-free stipend of $300/single or $450/couple via the MERS Health Care Savings Program (HCSP)
16 16 Jackson District Library Solution, Cont. Prior monthly cost $10,000 New monthly cost $4,000 Monthly Savings of $6,000 Annual savings approx. $72,000 (12 retirees)
17 What is the Exchange and How it Works
18 18 Exchange What is the Exchange How the Exchange works What is RightOpt
19 19 How RightOpt Works Communication Retiree outreach and education campaign Plan Comparison & Selection RightOpt Website Education Personalized plan comparison and enrollment RightOpt Call Center Licensed advocates Plan Enrollment Medigap Medicare Advantage Prescription Drug Plan Dental Vision Ongoing Advocacy & Support Health care advocacy (Health Advocate) Online information and education Help with your HCSP
20 20 Process Overview 1. Retiree works with RightOpt to find and enroll in medical and Rx plans 2. Retiree pays premium directly to insurance company 3. Retiree submits claim for reimbursement from HCSP 4. Retiree receives reimbursement by direct deposit RightOpt Insurance Company MERS MERS
21 21 Retiree Communication Letter/Guide to retirees Onsite meeting Web portal
22 22 Managing Change To offer better alternatives that can provide: - More plan choices - More value - More personal assistance and additional resources Jackson District Library is changing the way you select and enroll in health insurance, not its commitment to providing you with resources and benefits that meet your needs.
23 23 Managing Change, Cont. Current insurance plan no longer available RightOpt will help enroll in new insurance plans The retiree will receive a tax-free stipend to help pay for new plans
24 24 Wrap Up & Lessons Learned Adequate time for planning and initial communication Clearly defined requirements Data integrity eligibility and subsidy data Clear communications Multi-channel Set proper expectations for retirees, implementation team and stakeholders Closely manage retiree associations/groups, union and VIPS Relentless outreach to contact all eligible retirees Worked closely with MERS to educate retirees on the Health Care Savings Program and logistics
25 Other Strategies Implemented
26 26 Example #1 New hires Stipend in lieu of retiree healthcare Increase cost share towards future benefits No benefit Extend vesting period that benefits are offered
27 27 Example #2 Non-Vested Convert to stipend Eliminate benefit Vested Convert to stipend Offer buy out of retiree healthcare and provide stipend
28 28 Example #3 All employees Increase cost share Extend vesting Offer benefits up until Medicare eligible Revise health plan that is available High deductible Exchange options
29 Questions? 29
30 30 Contacting MERS MERS of Michigan 1134 Municipal Way Lansing, MI LET S GET SOCIAL! Phone:
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