Retiree Insurance Funding. 1. Beginning July 1, 2007, the District shall contribute into its Retiree Health Benefit Trust (RHBT) amounts that, at minimum, reflect an eight (8) year “ramp up” to District payment of the full Government Accounting Standards Board (GASB) compliant Annual Required Contribution (ARC) beginning July 1, 2013 using an open group valuation method with a closed thirty (30) year amortization schedule for unfunded liability ending June 30, 2034. Except as provided in paragraph 3 below, each pay period the District shall contribute to the RHBT an amount equal to the below-listed percentages of straight time bargaining unit base pay paid to bargaining unit members in that pay period into the RHBT. (For example, if base pay in the pay period in FY ‘07 is one million dollars ($1,000,000), the District will contribute $34,900 into the RHBT for that pay period). DATE PERCENTAGE July 1, 2007 (FY 08) 3.49% July 1, 2008 (FY 09) 3.64% July 1, 2009 (FY 10) 3.79% July 1, 2010 (FY 11) 3.94% July 1, 2011 (FY 12) 4.10% July 1, 2012 (FY 13) 4.27%
Retiree Insurance Funding. 1. Beginning July 1, 2007, the District shall contribute into its Retiree Health Benefit Trust (“RHBT”) amounts that, at minimum, reflect an eight (8) year “ramp up” to District payment of the full Government Accounting Standards Board (“GASB”) compliant Annual Required Contribution (“ARC”) beginning July 1, 2013 using an open group valuation method with a closed 30 year amortization schedule for unfunded liability ending June 30, 2034.
Retiree Insurance Funding. The District has established a Retiree Benefits Health Trust (RBHT) and shall contribute to the RHBT each pay period an amount equal to the full GASB compliant Annual Required Contribution (ARC) percentage of straight time base pay.
