Title
Human Resources Department recommending the Board approve a Budget Transfer increasing revenues and appropriations in the amount of $1,642,334 to fund the County's Early Retirement Incentive Health Plan through International City Management Association Retirement Corporation (ICMA-RC) called Vantagecare.
FUNDING: Risk Management Special Revenue Fund.
Body
BUDGET SUMMARY:
Total Estimated Cost $1,642,334
Funding
Budgeted $0
New Funding $
Savings $
Other $
Total Funding Available $1,642,334
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost: Appropriations to be increased by using the Retiree Health Fund Balance in order to fund claims for all employees who have met the Board approved criteria and been approved by the Chief Administrative Office for the Early Retiree Incentive plan.
Background: As a tool to meet reduction targets for FY 2010/11 and FY 2011/12, the Board has again authorized the use of an Early Retirement Incentive Plan. The Board has approved the listing of County employees who had met the criteria to participate in the Retiree Health Plan. This is the first of two benefit offering periods. Employees had up to September 30, 2010 to retire from County service to take advantage of this offer, which was $2,000 per year of County service, up to a maximum benefit of $50,000. Another benefit offering period is open now, which will pay $1,500 per year of County service up to a maximum benefit of $50,000. To take advantage of this offer, employees must retire from County service no later than December 31, 2010. Once those costs are known, another budget transfer will be brought forward.
Reason for Recommendation: The plan will be funded through International City Management Association Retirement Corporation (ICMA-RC) to provide for a Retirement Health Savings account in which the purpose is the reimbursement of eligibile medical expenses. The a...
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