17. Other Postemployment Benefits

City Commission · 2026-05-13 · agenda_item

The City of Winter Park is reviewing its Other Postemployment Benefits (OPEB) plan. This plan provides health benefits to retirees and spouses of employees who died in the line of duty. Currently, the plan is unfunded and operates on a pay-as-you-go basis, with a total OPEB liability of $5,265,039 as of September 30, 2024. The City Commission can amend benefit provisions. This item is under review as part of financial reporting and actuarial valuations. The process involves actuarial assumptions, projections, and financial statement disclosures. While no direct construction is proposed, the financial reporting and actuarial analysis may require services from financial consultants, actuaries, and legal advisors specializing in public sector benefits and compliance. Engaging early with city finance and administrative departments could provide insights into future needs related to managing these liabilities.

Total OPEB Liability

5,265,039 $

Measurement date

September 30, 2024

Active participants

523

Retirees, beneficiaries, and disabled members

11

Covered spouses

0

Total covered employees

534

Total OPEB Liability at 09/30/24

6,149,284 $

Service Cost

447,688

Interest

298,611

Differences Between Actual and Expected Experience

-2,311,954

Changes of assumptions

979,765

Benefit Payments

-298,355

Net changes

-884,245

Total OPEB Liability at 09/30/25

5,265,039 $

Discount Rate at September 30, 2024

3.81 %

Discount Rate at September 30, 2023

4.63 %

Total OPEB Liability (1% Decrease)

5,931,915 $

Total OPEB Liability (Current Discount Rate)

5,265,039 $

Total OPEB Liability (1% Increase)

4,692,530 $

Total OPEB Liability (1% Decrease Healthcare Cost Trend)

4,504,978 $

Total OPEB Liability (Healthcare Cost Trend)

5,265,039 $

Total OPEB Liability (1% Increase Healthcare Cost Trend)

6,218,685 $

Total OPEB income for the year ended September 30, 2025

161,782 $

Deferred Outflows of Resources

3,351,304 $

Deferred Inflows of Resources

10,428,800 $

Deferred outflows of resources from employer contributions subsequent to the measurement date

148,333 $

Year ending September 30, 2026

-910,081 $

Year ending September 30, 2027

-910,081 $

Year ending September 30, 2028

-873,111 $

Year ending September 30, 2029

-857,270 $

Year ending September 30, 2030

-794,240 $

Year ending September 30, 2031

-803,581 $

Year ending September 30, 2032

-803,579 $

Thereafter

-1,273,886 $

Total future recognition of deferred amounts

-7,225,829 $