08-04-04 Chapter 172 Employee Retiree Insurance and Benefits Board Meeting

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HEALTH PLAN STATS Current Number of Employees on Plan Current Number of Retirees on Plan Out of 47 Retirees, How many he 65 or over 19 Under 65 28 356 X $5,000 = $1,780,000 47 X $5,000 = $ 235,000 Number of additional Employees eligible to Retire with Health Benefits: With 20 years or more YEAR TOTAL EE 2004 47 2005 47+39= 86 2006 86 + 9 ~ 95 2007 95 +7 = 102 2008 102 + 9 = III 2009 III + 8 = 119 2010 119 + 13=132 2011 . 132 + 11=143 2012 143 + 9 = 152 2013 152 + 16=168 2014 168 + 10=178 2015 178 + 11=189 Additional Cost $235,000 (47X $5,000) $442,900 (86X$5, 150) $489,250 $525,300 $571,650 $612,850 $679,800 $736,645 $782,800 $865,200 $916,700 $973,350 Additional Retiree Medical Cost at 3 yr X $5,150 Additional Retiree Medical Cost at 5 yr X $5,150 Additional Retiree Medical Cost at 10 yr X $5,150 Retiree Average Expense: 65 or older Under 65 80-Point Analysis: With 10 years or more Total EE Additional Cost 151 $777,650 167 C $860,050 185 $952,750 2Q7 $1,066,050 235 $1,210,250 268 $1,380,200 298 $1,534,700 372 $1,915,800 447 $2,302,050 = $525,300 = $612,850 = $ 916,700 (TML running new calculations) By 12/31/2005 approximately 151 employees would be eligible under the current Plan to retire with Health benefits. It is highly unlikely that many would retire that early, but the potential remains under the existing eligibility plan. If the eligibility requirement changed effective on January 01,2006, for age + service to equal 80 points you would reduce the number of employees eligible to retire with health benefits significantly.