IPERS' Fiduciary Net Position – Detailed information about the pension plan's fiduciary net position is available in the separately issued IPERS financial report which is available on IPERS' website at www.ipers.org.

Payables to IPERS – All legally required County contributions and legally required employee contributions which had been withheld from employee wages were remitted by the County to IPERS by June 30, 2022.

Plan Description – The County operates a single-employer retiree benefit plan which provides medical/prescription drug benefits for retirees and their spouses. Group insurance benefits are established under Iowa Code Chapter 509A.13. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No.75. The plan does not issue a stand-alone financial report.

OPEB Benefits -The medical/prescription drug coverage, which is a partially self-insured medical plan, is administered by Wellmark BCBS. Retirees under age 65 pay the same premium for the medical/prescription drug benefit as active employees, which results in an implicit rate subsidy and an OPEB liability.

Retired participants must be age 55 or older at retirement. At June 30, 2022, the following employees were covered by the benefit terms:

Inactive employees or beneficiaries receiving benefit payments 15

Active employees 322

Total 337

Total OPEB Liability – The County’s total OPEB liability of $2,568,366 was measured as of June 30, 2022 and was determined by an actuarial valuation as of June 30, 2022.

Actuarial Assumptions – The total OPEB liability in the June 30, 2022 actuarial valuation was determined using the following actuarial assumptions and the entry age normal actuarial cost method, applied to all periods included in the measurement.

Rate of inflation (effective June 30, 2022)

2.60% per annum

Rates of salary increase (effective June 30, 2022)

3.25% per annum including inflation

Discount rate (effective June 30, 2022)

4.09% compounded annually including inflation

Healthcare cost trend rate (effective June 30, 2022)

7.50% initial rate decreasing by .5% annually to an ultimate rate of 4.50%