HomeMy WebLinkAbout20082489.tiff RESOLUTION
RE: APPROVE AMENDMENT TO PROGRAM FOR CONTINUATION OF HEALTH
INSURANCE FOR FORMER WELD COUNTY EMPLOYEE OR ELECTED OFFICIAL
NOW DRAWING BENEFITS FROM THE WELD COUNTY RETIREMENT PLAN, TO BE
REFERRED TO HEREINAFTER AS THE "OTHER POST-EMPLOYMENT BENEFITS
PLAN" (OPEB PLAN)
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS,by Resolution#982317,adopted November 30, 1998;amended by Resolution
#2002-3198, adopted December 16, 2002; and amended by Resolution #2005-2825, adopted
September 21, 2005, the Board established a program, to be referred to hereinafter as the "Weld
County Other Post-Employment Benefits Plan" (OPEB Plan), that provides for certain
post-employment benefits, including retiree medical benefits but excluding pension benefits, for
eligible retirees of the County, their spouses and dependents (OPEB Benefits), and
WHEREAS, the OPEB Plan has not been a part of the Weld County Retirement Plan and
is not a vested benefit or right; rather, it is a plan that can be amended or stopped at any time by
the Board of Weld County Commissioners for any reason, and
WHEREAS, prior to January 1, 2007, the OPEB Plan was funded on a "pay-as-you-go
basis"; however, effective January 1, 2007, the Governmental Accounting Standards Board's
Statement 43 (GASB 43)and Statement 45 (GASB 45) established standards for accounting and
financial reporting for state and local governmental employers that offer OPEB benefits to their
retirees, thereby requiring Weld County to account for its unfunded actuarial accrued liability, i.e.,
the present value of OPEB Benefits earned but not funded and amortized over a period not to
exceed thirty (30) years, by reflecting this actuarial financial liability on the County's financial
statement, and
WHEREAS, the continuation of the OPEB Plan's current eligibility requirements will create
a significant financial liability to the future taxpayers of Weld County and, as a result, the Board
believes it must amend the OPEB Plan to effectively manage such financial liability, and
WHEREAS, any amendment to the OPEB Plan must balance the financial liability of the
plan to the taxpayers, while being fair to elected officials and employees, and recognizing that
historically, any change to a Weld County benefit plan has given employees impacted a five-year
window to adjust, and
WHEREAS, the Board has determined that it is in the best interests of Weld County, its
citizens and employees, to amend the OPEB Plan to modify its eligibility requirements to the
following, effective January 1, 2009:
a. All elected officials and employees who were employed by Weld County on or prior
to October 1, 2005, were enrolled in the Weld County Health Insurance Plan as of
January 1, 2008, and who, on or prior to January 1, 2009, have retired from service
to Weld County and have executed an "Agreement for Continuation of Health
Insurance for Former Weld County Employee or Elected Official Who is Now
2008-2489
PE0017
PE, lac 10 -0-7 -og
APPROVE AMENDMENT TO PROGRAM FOR CONTINUATION OF HEALTH INSURANCE FOR
FORMER WELD COUNTY EMPLOYEE OR ELECTED OFFICIAL NOW DRAWING BENEFITS
FROM THE WELD COUNTY RETIREMENT PLAN, TO BE REFERRED TO HEREINAFTER AS
THE "OTHER POST-EMPLOYMENT BENEFITS PLAN" (OPEB PLAN)
PAGE 2
Drawing Benefits from the Weld County Retirement Plan,"(Agreement)in the form
as attached to Resolution #2002-3198.
b. All elected officials and employees who were born prior to January 1, 1957, were
officers of or employed by Weld County on or prior to October 1, 2005, and were
enrolled in the Weld County Health Insurance Plan as of January 1, 2008, and who,
upon retirement from service with Weld County, execute an Agreement in the form
as attached to Resolution #2002-3198.
c. All elected officials and employees who were born prior to December 31, 1958,
were officers of or employed by Weld County on or prior to October 1, 2005, were
enrolled in the Weld County Health Insurance Plan as of January 1, 2008, and will
have thirty(30)years of service to Weld County prior to reaching the age of 62, and
who, upon retirement, execute an Agreement in the form as attached to
Resolution #2002-3198.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County that, the OPEB Plan, created by Resolution #982317, adopted November 30, 1998;
amended by Resolution #2002-3198, adopted December 16, 2002; and amended by Resolution
#2005-2825, adopted September 21, 2005, be, and hereby is, amended to modify its eligibility
requirements to the following, effective January 1, 2009:
a. All elected officials and employees who were employed by Weld County on or prior
to October 1, 2005, were enrolled in the Weld County Health Insurance Plan as of
January 1, 2008, and who, on or prior to January 1, 2009, have retired from service
to Weld County and have executed an "Agreement for Continuation of Health
Insurance for Former Weld County Employee or Elected Official Who is Now
Drawing Benefits from the Weld County Retirement Plan,"(Agreement)in the form
as attached to Resolution #2002-3198.
b. All elected officials and employees who were born prior to January 1, 1957, were
officers of or employed by Weld County on or prior to October 1, 2005, and were
enrolled in the Weld County Health Insurance Plan as of January 1, 2008, and who,
upon retirement from service with Weld County, execute an Agreement in the form
as attached to Resolution #2002-3198.
c. All elected officials and employees who were born prior to December 31, 1958,
were officers of or employed by Weld County on or prior to October 1, 2005, were
enrolled in the Weld County Health Insurance Plan as of January 1, 2008, and will
have thirty(30)years of service to Weld County prior to reaching the age of 62, and
who, upon retirement, execute an Agreement in the form as attached to
Resolution #2002-3198.
2008-2489
PE0017
APPROVE AMENDMENT TO PROGRAM FOR CONTINUATION OF HEALTH INSURANCE FOR
FORMER WELD COUNTY EMPLOYEE OR ELECTED OFFICIAL NOW DRAWING BENEFITS
FROM THE WELD COUNTY RETIREMENT PLAN, TO BE REFERRED TO HEREINAFTER AS
THE "OTHER POST-EMPLOYMENT BENEFITS PLAN" (OPEB PLAN)
PAGE 3
BE IT FURTHER RESOLVED by the Board that all elected officials and employees who do
not meet the above-stated eligibility requirements may be eligible for continued health insurance
after retirement in accordance with the Weld County Retiree Health Savings Plan, created by the
Board through Resolution #2008-2492 of even date herewith.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 15th day of September, A.D., 2008.
,I��"""� BOARD OF COUNTY COMMISSIONERS
I./_ .€Z \`ELD COUNTY, COLORADO
ATTEST: w'�;�1 /l�G��f C �h L.-it-4_,
`` %%cm H. Jerke, Chair
Weld County Clerk to the Bo- .g a,
a ' .
A
:' USED
t �\ 1 Z.
0 Masden, Pro-Tem
BY:, -
Dep Clerk the Board
Kr
Willi F. Garcia
A V AST
David E. Long
my ttorney
ougl s Rademac er
Date of signature:
2008-2489
PE0017
Hello