After years of funding pressure on the cost of OPEB benefits, the ongoing impact of the COVID-19 pandemic for state and local governments means retiree health care benefits could become a target for deep budget cuts. Reducing benefits for valued retirees is a last resort and painful for all concerned, but there is another option. Laura Rich, executive officer for Nevada Public Employees' Benefits Program (PEBP), discussed in this webinar how PEBP used a Medicare marketplace to:
- Reduce their annual retiree health care contribution by over $100 million per year
- Save retirees money and expand the range of available health care plans
- Decrease their OPEB liability by nearly $900 million
Watch this conversation recording to hear lessons learned from Nevada PEBP and how those lessons will benefit your organization's benefits program during this unprecedented time.
