K. Post-Employment Benefits Other than Pensions (OPEB) (Continued)

City Council · 2026-04-21 · agenda_item

This notice concerns the City of West Melbourne's review of its Other Post-Employment Benefits (OPEB) other than pensions. As of September 30, 2025, the city reported a total OPEB liability of $477,211. The plan currently covers 114 members, including 2 inactive members receiving benefits and 112 active plan members. The city is using actuarial assumptions including a 3.00% projected annual salary increase and a 4.90% discount rate. This item is currently under review as part of the city's financial reporting. The process involves actuarial valuations and financial reporting, with no construction or site work indicated at this time. Businesses specializing in financial consulting, actuarial services, and legal services related to public finance may find opportunities to engage with the city as this review progresses.

total OPEB liability

477,211 $

inactive members or beneficiaries currently receiving benefits

2

active plan members

112

total plan members

114

projected annual salary increase

3.00 %

discount rate

4.90 %

health care cost trend rates

6.00 %

healthcare cost trend rate

5.75 %

ultimate trend rate

4.00 %

discount rate

3.88 %

health care cost trend rates

9.48 %