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March 29, 2012 / jimnv

PEBP Gives Back Our Money!

The PEBP intelligently discussed the excess reserve issue which they now call the “unrestricted surplus”. The board members understood the reserves must be returned to plan participants but acknowledged they are “one shot money” and would not be available in the future.

Much of their discussion concerned how to whittle away the reserves in an equitable manner. There were many numbers, calculations and some confusion at first, but with Chairman Drozdoff’s capable efforts, the board decided the  following for the next FY:

Domestic partners would be covered.

Medicare retirees in the exchange would get an additional subsidy of $ 2 per month per year of service starting in July 2014. The timing is restricted by statutes.

Active and retired employees will receive an additional $400 in their HRA/HSA accounts. There would be an extra $100 per dependent.

There will be an extra $100 for active and retirees with 20 plus years of service and over age 45.

The effective date will be June 30th, 2012.

The PEBP has promised to post the information on their website by tomorrow. For the definitive list of changes, refer to their website.

I applaud Mr. Drozdoff for his capable efforts today. I also appreciate and recognize the preparation of all Board members and their willingness to constructively discuss the issues. It’s not easy being them!

Remember, this is a “one time” deal to spend the “unrestricted surplus”.


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