Welcome to LoudounTimes.com
Loudoun Times-Mirror

County funds OPEB, eliminates $60 million liability

The county has headed off $60 million in liabilities by funding Other Post-Employment Benefits obligations.

According to Loudoun's public information office, the county is one of the few jurisdictions in the country to fully fund the liability, while maintaining essential benefits for employees.

Over the past two years, Loudoun County has implemented “several OPEB plan design and eligibility changes,” resulting in a reduction of approximately 40 percent in the county’s future actuarial accrued liability, according to the county.

Combined with an improved economy and market recovery, the county has achieved savings of $60 million in its unfunded actuarial accrued liability.

“When we took office two years ago, none of this was in place and we made it a priority to try to deal with long-term liabilities and I think this is a good example of some of those initiatives,” Supervisor Ralph Buona (R-Ashburn), who chairs the board's finance committee, said in a prepared statement. “The good news is that this liability will be zero not that far down the road, and it does phase out. So, we’re on the right track.”


Be the first to post a comment!

Post a comment

Commenting is not available in this channel entry.

Comments express only the views of the author and do not necessarily reflect the views of this website or any associated person or entity. Any user who believes a message is objectionable can contact us at [email protected].

More News

Leesburg WEATHER
Today Tomorrow

Patchy rain nearby

Patchy rain nearby
Hi 46° Hi 47°
Lo 33° Lo 42°
More Weather
The Loudoun Times-Mirror

is an interactive, digital replica
of the printed newspaper.
Open the e-edition now.