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Significant Financial Risk Exists if the State of California Does Not Actively Manage the Costs of State Retirees’ Health and Dental Benefits
Significant Financial Risk Exists if the State of

Our Price: $10.00
By Elaine M. Howle (ed)
Year: 2009
Pages: 15
Binding Paperback

Product Code: 143791585X

A review of California’s efforts to manage the financial risks assoc. with the costs of “other postemploy. benefits (OPEB)” -- or benefits in addition to pensions, such as med. and dental insur. provided retired state employees. The State has not chosen to prefund OPEB costs through deposits to a trust fund. Rather, the State appropriates only enough money in its annual budget to pay the year premiums for retiree health insur. Consequently, the State recorded an OPEB liability of $2.34 billion in its financial statements and expects to only pay $1.36 billion of the $3.72 billion required contribution for FY2008-09. Hence the OPEB liability could begin to overshadow other liabilities in the State’s financial statements and affect the State’s credit rating. Tables.

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