RD305 - Report on the Impact of Renewal Cost on Employee and Employer Premiums for Fiscal Year 2016


Executive Summary:
This report is submitted as required by Chapter 665, Item 81.G. of the 2015 Virginia Acts of the General Assembly, which states:

"The Department of Human Resource Management shall report to the Governor and Chairmen of the House Appropriations and Senate Finance Committees, by October 15 of each year, on the renewal cost of the state employee health insurance program premiums that will go into effect on July 1 of the following year. This report shall include the impact of the renewal cost on employee and employer premiums and a valuation of liabilities as required by Other Post-Employment Benefits reporting standards."

Other Post-Employment Benefits

Regarding a valuation of liabilities as required by Other Post-Employment Benefits reporting standards, Other Post-Employment Benefits (OPEB) valuation reports are due every other year unless there have been material changes in underlying assumptions. Our last report was provided October 17, 2014 and the next will be prepared mid-2016.