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<br /> <br /> <br />1 <br /> <br /> <br /> <br /> <br />1 <br /> <br /> <br />1 <br /> <br />1 <br /> <br /> <br />1 <br /> <br /> <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />APRIL 20, 2009 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Reports <br />SUBJECT: <br />Finance -Update on Other Post Employment Benefits (OPEB) <br />BRIEF SUMMARY: <br />The County has received its second actuarial valuation for the Retiree <br />Health Care Plan for Cabarrus County. The total present value of the <br />liability is $21,441,875 for the period ending December 31, 2007. The <br />previous liability from December 31, 2005 was $17,505,771. As of June <br />30, 2008, the County had contributed $508,993 towards this liability. The <br />County continues to approach this liability on the pay-as-you-go method. <br />This means the County pays the current benefit due to the retired <br />employees without putting any additional funds aside for the future <br />liability. The County will continue this method until the market settles and <br />then a suitable 3rd party administrator will be selected to administer our <br />plan. The latest valuation report dated February 6, 2009 is attached for <br />informational purposes. <br />REQUESTED ACTION: <br />Receive report. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Pamela S. Dubois, Deputy County Manager <br />BUDGET AMENDMENT REQUIRED: <br />No <br />COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: <br />I-1 <br />Page 297 of 320 <br />