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35 <br /> 1 Slide #15 <br /> Single Equivalent Interest Rate <br /> (GN <br /> Single Equivalent Interest Rate (SEIR) solvency test for 2023 fiscal year <br /> end equals the 20-year Municipal Bond index Rate.. <br /> • The irrevocable trust is expected to be depleted in its initial year. <br /> • Contributions to the irrevocable trust were 5250,000 in 2017 and S0 <br /> 1=or 2018-2023. <br /> Irrevocable trust will grow nominally without contributions <br /> relative to the.liability. <br /> Around 38 employers have assets and only around 15 employers in <br /> North Carolina have SEIR=LongTcrm Rate of Return (LTRoR.) based <br /> On our valuation work with around 375 employers. <br /> 2 <br /> 3 Chair Bedford asked what the expected increases in the yearly payments are. <br /> 4 Youveak Yeng said he would get that information to the Board. <br /> 5 Commissioner Richards asked how Orange County compares to other counties. <br /> 6 Youveak Yeng said that Orange County is in the minority to even have assets. <br /> 7 Commissioner Richards said in 2020 there was a big change. She asked if that was <br /> 8 related to the U.S. Census. <br /> 9 Youveak Yeng said that there was a 2020 experience study that was based off of state <br /> 10 data. He referred to slide #14. <br /> 11 Commissioner Richards said 2021 is where they would see an increase. <br /> 12 Youveak Yeng said the driver is not the discount rate, but the new assumptions that went <br /> 13 into it. <br /> 14 Commissioner Richards said that is where he talked about looking at it from a broader <br /> 15 base, as opposed to Orange County's little piece. <br /> 16 Youveak Yeng said yes. <br /> 17 Commissioner Richards asked if the state does it every 5 years and if that is considered <br /> 18 automatically for the county's OPEB study. <br /> 19 Youveak Yeng said yes, it is automatically considered. He said they may look at it and <br /> 20 consider other studies if they see oddities. <br /> 21 Commissioner Richards asked if the irrevocable trust was a state level trust. <br /> 22 Gary Donaldson said it is with the State Treasurer's office. <br /> 23 Commissioner Richards clarified that investments are made by the state with the <br /> 24 irrevocable trust, and the county cannot take it out or have any say-so over investments. <br /> 25 Youveak Yeng said yes. <br /> 26 Chair Bedford asked if county irrevocable funds could be used to help other counties who <br /> 27 have not set aside money for OPEB. <br /> 28 Gary Donaldson said that the trust funds can only be used by the county. <br /> 29 Youveak Yeng went back to the discount rate. He said that Orange County is in the <br /> 30 minority for having a fund, but it will not cover much. He said that they end up using the municipal <br />