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Complete Report - Fayette County Government

Complete Report - Fayette County Government


The County initiated it s Vision reimbursement plan in the 1997 fiscal year. Employees are reimbursed up to $200 per year per covered individual for out of pocket expenses associated with vision care. Claims are handled by a third party administrator as of June 1, 2005. Fayette County established its Major Medical Self-Insurance Internal Service Fund in the 1991 fiscal year, and on June 1, 2002 became fully insured . In June of 2010, the County reinstated its selfinsurance program for this risk. All funds of the County participate in these programs and make payments to these Internal Service Funds based on actuarial estimates of the amounts needed to pay prior and current year claims, claim reserves, and administrative costs of the programs. The total claims liability of $962,710 reported at June 30, 2012, is based on requirements of Governmental Accounting Standards Board Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, which requires that a liability for claims be reported when it is probable that a loss has occurred and the amount ofthe loss can be reasonably estimated. Liabilities also include an amount for claims that have been incurred but not reported (IBNRs). Claim liabilities are calculated considering the effects of inflation, recent claim settlement trends including frequency and amount of pay-outs and other economic and social factors. Changes in the balances of claims liabilities during the past two fiscal years for each of the three self-insurance programs and the total amounts are as follows: Unpaid Ciaims Incurred Claims Unpaid Claims At Beginning (Including Claim At End Of Fiscal Year Any IBNRs) Payments Of Fiscal Year Workers' Compensation Claims: Fiscal Year Ended June 30, 2012 $52,589 $484,097 $508,257 $28,429 Fiscal Year Ended June 30, 2011 Dental and Vision Claims: 20,175 401,807 369,393 52,589 Fiscal Year Ended June 30, 2012 $28,086 $449,362 $445,926 $31,522 Fiscal Year EndedJune 30, 2011 Medical Claims: 34,831 376,707 383,452 28,086 Fiscal Year Ended June 30, 2012 $744,193 $7,634,981 $7,476,415 $902,759 Fiscal Year Ended June 30, 2011 Total Claims: 308,325 6,244,299 5,808,431 744,193 Fiscal Year Ended June 30, 2012 $824,868 $8,568,440 $8,430,598 $962,710 Fiscal Year Ended June 30, 2011 363,331 7,022,813 6,561,276 824,868 B. Other PostEmployment Benefits (OPEB) Plan Description. In addition to providing pension benefits, the County provides funding for certain health care related benefits for retired employees under a single-employer defined benefit OPEB plan. A majority of the County's employees may become eligible for this benefit upon reaching the minimum age of 55 and having at least 25 years of service. Continued health care benefits in the form of single coverage will be paid fully by the County from the Major Medical Self-Insurance Fund. - 55 -

This benefit is limited to a period which is the shorter of (a) ten years or (b) the length of time it takes for the employee to reach the age at which they become eligible for Medicare benefits. The County has the authority to establish and amend the plan provisions. Separate financial statements are not prepared for the OPEB plan. In lieu of having the major medical coverage, an eligible retiree may elect to take a cash payment equal to the total amount of the contributions that the County would have made into the insurance fund on their behalf. Retired employees also have the option to pay the contribution amount to cover their spouse and dependents under the plan. Funding Policy. At June 30, 2012, the County had five employees receiving medical insurance coverage under the plan. The County has not advance funded or established a funding methodology for the annual OPEB costs or net OPEB obligations but finances the plan on a pay-as-you-go basis. The plan is administered by the County. For the year ended June 30, 2012, the County paid an estimated $42,960 for this benefit. Annual OPEB Cost and Net OPEB Obligation. The County's annual other postemployment benefit (OPEB) cost (expense) is calculated based on the annual required contribution (ARC) of the employer which is an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and amortize any unfunded actuarial liability (or funding excess) over a period not to exceed 30 years. The following table shows the calculation of the County's annual OPEB cost for the year, the amount actually contributed to the plan, and the changes in the County's net OPEB obligation for the fiscal year ended June 30, 2012 : Annual Requ ired Contribution (ARC): Normal Cost Amortization of Unfunded Actuarial Accrued Liability Interest on Net OPEB Obligation Adjustment to Annual Required Contribution Annual OPEB Cost (Expense) Less: Contributions Made Increase in Net OPEB Obligation Net OPEB Obligation, Beginning of Year Net OPEB Obligation, End of Year $133,303 80.709 $214,012 42,936 77,754 $334,702 (42.960) $291,742 609,603 $901,345 The County's annual OPEB cost, the percentage of annual OPEB cost contributed to the OPEB Plan, and the Net OPEB obligation for the three most recent fiscal years are shown in the following table, Fiscal Year Ending June 30, 2012 June 30, 2011 June 30, 2010 Annual OPEB Cost $334,702 261,459 191,350 Actual County Contribution $42,960 18,139 16,417 - 56- Percent of AnnualOPEB Cost Contributed 12.84% 6,94% 8.58% Net OPEB Obligation $901,345 609,603 366,283

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