Title
Presentation and Update on the Retiree Health Insurance Program (B)
This Item involves a request for the City Commission to hear a presentation regarding recent discussions concerning the Retiree Health Program and consider the various options.
Explanation
On April 28, 2008, staff made a presentation regarding a potential change to the formula used to determine the City's contribution towards the premium paid for retirees. The City Commission directed staff to meet and discuss this change and consider additional options with the affected parties. During the month of May, staff held discussion sessions that included representatives of current employees and retirees.
The group met weekly and discussed the various issues associated with the Retiree Health Program and its impact on the Employee Health and Accident Benefit Fund. Based on those discussions, staff has prepared an update and presentation that will outline the various options proffered by interested parties.
Fiscal Note
Based on the option selected by the City Commission the actuarial savings would range from $0 to $27 million.
Recommendation
The City Commission: 1) hear a presentation from staff regarding the Retiree Health Insurance Program and Trust; 2) give staff direction regarding the various options discussed; and 3) take any additional action deemed appropriate.