Title
Human Resources Department recommending the Board authorize the Chair to sign a Budget Transfer increasing revenues and appropriations in the amount of $869,282.00 to fund the County's Early Retirement Incentive Health Plan through International City Management Association Retirement Corporation (ICMA-RC) called Vantagecare.
Body
BUDGET SUMMARY:
Total Estimated Cost $869,282.00
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $869,282.00
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 again authorized the use of an Early Retirement Incentive Plan. The Board approved the listing of County employees who met the criteria to participate in the Retiree Health Plan. Two benefit offering periods were approved, September 30, 2010 and December 31, 2010. Employees participating in the second period offering, which was $1,500 per year of County service up to a maximum benefit of $50,000, had up to December 31, 2010 to retire from County service. During the first offering, there were 42 participants, with total benefits of $1,642,334. There were 31 participants, with benefits totaling $869,282, for the second offering.
Reason for Recommendation: Now that the total participants and benefit amounts for the second offering are known, it is necessary to process a budget transfer to appropriate the required funds from the Retiree Health fund. The plan will be funded through International City Management Association Retirement Corporation (ICMA-RC) to provide for a Retirement Health Savings account in whi...
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