HomeMy WebLinkAboutKey Benefit ConceptsAcceptance
This forms an agreement between Bonneville Joint School District #93 and Key Benefit
Concepts, LLC.
Standard Valuation includino OPEB & Required Table Updates:
Please check the boxes.'
not agree notes on page 1,willchange-
Please check one box below:
E The District accepts the proposal lot a 2-yeat agreement (Valuation 6/30/2022
- and Table Updates 6/30/2023)
![Th" Oi"tri"t
"ccepts
the proposal for the 6-year agreement (Valuation 6/30/2022,' 'Tabte Updates 6/30/2023, Updated Valuation 6/30/2024, Table Updates
6/30/2025, Updated Valuation 6/30/2026, and Table Updates 6/30/2027). This
agreement allows for eaiy terminatbn only if the Distict no longer has an OPEB
liability
Please check one box below:
ELf ne Post Employment Benefit Summaries as provided in this proposal,' accurately and completely reflect the current retirement benefits offered by the
Diskict.
I Modifications were made to the District's post-employment benefits beyond those
already noted in the Post-Employment Benefit Summary. These additional
modifications have been noted as illustrated on page 9. The Post-Employment
Benefit Summary with the noted changes accurately and completely reflects the
retirement benefits currently offered by the District.
Disclaimer. Upon receipt of the eligibility and post employment benefit data required fo( valuation, should we find
that eligibility and/or benefits are significantly different than outlined in this proposal, KBC reserves the
right to revise our proposal and the associated fees tor the study.
. To avoid additional charues. please make sure the benefit summaries provided are correcl
Upon review of the draft repotl should turther modifications be required beyond those noted in the
summary with the acceptance, wherein the calculated liabilities are affected, additionalfees will be
charged. These fees will be based upon the additional time requied to recalculate the liabilities. With
the inclusion of the additionalfee, t\e total due may exceed the fee noted in this proposal.
Key Benefit Concepts, LLC
)une 13. 2022
U, Senior Benefit Consultant, Managing Member
of acceptance sqnatures shall be as valid as the oiginal signatures.
tr Fully lnsured
General Assets E lrrevocabte Trust
Key Benefit Concepts, LLC Page 8
The District's medical plan is: The District's benefits are funded through:
Bonneville Joint School District #93
Post-Employment Benefit Summary
Ail
Retirement under
Public Employees
Retirement System
of ldaho (PERSI) -
At least 55 (or
disability) with 5
years of service
Medical & Dental lnsurance (lmplicit Rafe Subsidy Only) Retirees
and disabled members (and their dependents) may choose to remain
on the District's group medicalwith vision, long-term care,
prescription drug, and dental plans (single or family), by paying the
full (100%) amount of required premiums until age 65. The full
premiums are billed directly to the retiree. The District does offer
Medicare supplement premiums.
Upon a retiree becoming Medicare eligible, a retiree's spouse may
continue medicalwith vision coverage until the spouse is eligible for
Medicare.
A surviving spouse (if on the retiree plan at time of employees
passing) are eligible to remain on the medical (with vision) and dental
plan provided they self-pay all required premiums for the duration of
COBRA.
IrlOlfE Iilf:Ell(rliil
Sick Leave Pavout: The District pays into PERSI while the employee
is active. Upon retirement, a retiree may convert a portion of unused
sick leave into a cash equivalent, at a rate established by the PERSI,
to pay for retiree medical insurance premiums.
The Sick Leave Benefit is not an OPEB benefit, but a compensated absence under
GASE 76
Note: The District's health plan is self-funded.
Key Benefit Concepts, LLC Page 9
Eliqibilitv OPEB