2020: There were no changes in methods and assumptions used in the calculation of actuarial determined contributions. The single discount rate changed from 4.66% to 3.56%.
2019: Beginning January 1, 2019 OP&F changed its retiree health care model and the current self‐insured health care plan is no longer offered. In its place will be a stipend‐based health care model. OP&F has contracted with a vendor who will assist eligible retirees in choosing health care plans from their marketplace (both Medicare‐eligible and pre‐Medicare populations). A stipend funded by OP&F will be placed in individual Health Reimbursement Accounts that retirees will use to be reimbursed for health care expenses. As a result of changing from the current health care model to the stipend based health care model, management expects that it will be able to provide stipends to eligible participants for the next 15 years. Beginning in 2020 the Board approved a change to the Deferred Retirement Option Plan. The minimum interest rate accruing will be 2.5%. The single discount rate increased from 3.24% to 4.66% and the municipal bond rate from 3.16% to 4.13%.
2018: The single discount rate changed from 3.79% to 3.24%
Changes in benefit terms:
2024‐2020: There were no changes in benefit terms for the period.
2019: See above regarding change to stipend‐based model.
2018: There were no changes in benefit terms for the period.