Report Inappropriate Comments

Other Post Employment Benefit (OPEB) facts - [Lifetime healthcare benefit]

According to the official documents produced by Jefferson Solutions reported dated July 1,2010 for the financial ststements June 30, 2011.

The Present Value of Future Benefit Payments:

City: $313,421,358

Schools: $60,020

Total: $373,441,436

The Unfunded Actuarial Accrued Liability is:

City: $240,497,738

Schools: $42,722,906

Total: $283,220,644

Annual required Contribution:

City: $21,325,553

School: 3,930,043

Total: $25,255,596

Why is city liabilities so much larger tha schools?

Benefit payment period: City, lifetime. Schools age 65

Covered Spouses and dependents: City Yes, Schools No

Participant Contribution (co-pay): City None, Schools 20% to 60%

Years of service required: City 10 to 20 years, Schools 20 to 30 years

Earliest Retirement age: City, uniform emplyees can retire once they have 20 years of service, Others at age 55 Schools: proferssional employees need 20 to 30 years of service. All other employees need to be age 62 resulting in a maximum benefit payment of only 3 years.

What would the liability be if the city adopted the current school requirements? We don't know because the Mayor refuses to pay to find out.

From: Union president feels ’spin’ distorts worker sacrifices

Please explain the inappropriate content below.