The early draft of the proposed budget for next year includes $266,338 for pensions and $471,127 for OPEB (other post employment benefits, ie. healthcare for retirees).
The total represents an increase of about $8,000 over last year.
OPEB: What Does Other Post-Employment Benefits - OPEB Mean?
Post-employment benefits that an employee will begin to receive at the start of retirement. This does not include pension benefits paid to the retired employee. Other post-employment benefits that a retiree can be compensated for are life insurance premiums, healthcare premiums and deferred-compensation arrangements.
HEALTH INSURANCE COSTS
The cost for employee health insurance is expected to be about the same ($687,596) contingent upon whether the city decides to partially self-insure (slightly lower) and how much true up is required (an additional amount based on actual claims filed during the year).
SUBJECT TO CHANGES/CITY COUNCIL APPROVAL
The city council must approve the yearly budget: usually at its last meeting in September.
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