Staff will present results from a feasibility study relating to retiree healthcare benefits. This study is used to ensure the City is providing appropriate compensation and benefits to attract and retain a talented workforce that delivers exceptional services to our citizens. (Lyman Locket, Human Resources Director)

Based on option(s) selected and the funding approach the fiscal impact varies.

At the February 3, 2023 Council retreat, we provided Council with a preliminary overview retiree healthcare options and market conditions. Currently, the city provides contributions to a retirement health savings (RHS) for benefit eligible employees, however post employment healthcare is not provided. Data from Mercer’s 2021 Annual Employer Survey shows 62% of government employers offer health plans for pre-Medicare eligible retirees and 33% offer plans for Medicare eligible retirees. Following this preliminary discussion, Council provided direction to conduct a feasibility study. We have contracted with Milliman Consulting, an actuarial firm, and worked through our insurance broker/consultant GBS to complete a feasibility study as requested by Council.