County funds OPEB, eliminates $60 million liability
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.”
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