Fiscal 2023 DIF Account

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OPEB Number in Fitch Report $1.5 Billion

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 Link to Fitch


 

 

 Worcester's unfunded net OPEB liability totaled $1.5 billion as of June 30, 2021, equal to a high approximate 15% of personal income. The total liability increased by nearly $366 million on the year, excluding the 2020 adjustment, which partially reflects the assumed change in inflation and a lower discount rate of 2.16% compared to the prior year's rate of 2.45%. 

The increase in the liability also reflects a change in the development of the claims curve as implemented by a new actuary firm which accounted for an approximate $297 million increase in the liability with about two-thirds representing an implicit subsidy.

 

 


 

Comments

Anonymous said…
I don't know what OPEB means but that is a big liability.
February 4, 2022 at 4:10 AM
Bill Randell said…
Other Post Employment Benefits

Health Insurance for retirees
February 4, 2022 at 7:39 AM
Anonymous said…
Thank you for the answer. I went on the City's website to try to learn about what this is and found out that the City has a Other Post Employment Benefits Board of Trustees so I went to the link for the Board and saw that they had a meeting on January 12,2022. On the agenda was an OPEB Actuarial Valuation June 30,2021 but there is no information. Then I tried to watch the meeting on the Videos on demand and the meeting is not listed. Where can I learn more about Other Post Employment Benefits because this is a big number?
February 6, 2022 at 7:48 AM
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