PdC Public School has all OPEB funded

The District is committed to ensuring that any promised benefits are fully funded to both protect the District and our valued Employees. The following transactions have been recorded which bring our total Fund 73 investments in line with what is owed in the future based on all past promised OPEB benefits. Unless there is something that we are not aware of, we are now fully funded.

1. With our 2011-2012 school year payment, we will have $463,086.27 invested in our Fund 73 OPEB Trust Fund account. This amount is set-aside and should totally cover all past retiree vested benefits that are owed into the future years. 

2. We have transferred $73,275.21 into Fund 73 to cover the potential cash value of unused PTO / Vacation carryover into future years. This is also held in Fund 73. This amount will need to be adjusted at the end of each fiscal year to make sure that no future liability is created.

3. Another transfer of $77,430.21 into Fund 73 is also being made to cover unused HRA money which is owed to employees in the future as they use their HRA dollars. This also needs to be updated each year.

4. All current year retirees have received their early retirement stipends per their agreements, and this was booked in the 2011-2012 fiscal year, so there will be no liability created.

5. All active employees who requested Vacation or PTO payout have been paid according to Handbook language.

Hitting this benchmark of having these liabilities fully funded is also very important to our school operations as past liabilities are now set-aside and will not be a drain on current or future operations.

The Fund 73 Trust Fund is invested in a very conservative portfolio through Mid America A & R Solutions, Inc.