Magazine article Government Finance Review

State Retiree Health Care Benefits in FY2015

Magazine article Government Finance Review

State Retiree Health Care Benefits in FY2015

Article excerpt

State governments contributed $18 billion to their retiree health costs in FY2015, 42 percent of their annual required contributions, according to a brief by the National Association of State Retirement Administrators and the Center for State and Local Government Excellence.

Key findings include:

* Nearly every state and most local governments provide access to health benefits to retired employees and, in most cases, this coverage includes spouses and dependents.

* Thirty-one states hold approximately $41 billion in assets to pay for future retiree health benefit costs.

* Ten states--New Jersey, Texas, New York, California, Illinois, North Carolina, Connecticut, Pennsylvania, Florida, and Massachusetts--are responsible for $451 billion, or nearly 77 percent of the aggregate state retiree health unfunded actuarial accrued liabilities.

* The median state retiree health unfunded actuarial accrued liabilities is approximately $2.7 billion, and the mean average is approximately $12 billion.

While OPEB liabilities in some states are quite large in dollar terms, annual costs remain at 1. …

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