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114 <br /> Years of Service at Retirement Age at Retirement County Contribution <br /> 20 or more Any Age 100% <br /> 10-19 65 50% <br /> Per resolution, the County is required to contribute the projected pay-as-you financing <br /> requirements, with an additional amount to prefund benefits as determined annually by the Board. Benefit <br /> payments by the County were$3,529,472 for the fiscal year ended June 30,2023. <br /> The Annual OPEB Cost (AOC) is equal to the Annual Required Contribution (ARC), one year's <br /> interest on the Net OPEB Obligation, and an adjustment to the ARC to offset the effect of actuarial <br /> amortization of past under or over contributions. <br /> The County funds its OPEB healthcare benefits on a pay as you go basis as part of the annual budget <br /> process.The County paid$3,529,472 in OPEB benefits in fiscal year 2023,and has budgeted approximately <br /> $3,089,464 for benefit payments in fiscal year 2024. <br /> In addition to these annual payments, the County has reserved approximately $8.2 million of <br /> committed fund balance toward its OPEB obligations. The County has also established an irrevocable trust <br /> for OPEB benefits that contains approximately$[381,735]. <br /> The following table presents additional information on the County's OPEB liabilities. <br /> Measurement Net OPEB NOL as % of <br /> Date Liability(NOL) Covered Payroll <br /> June 30, 2023 $120,541,187 231.2% <br /> June 30,2022 132,374,775 238.2 <br /> June 30,2021 161,449,960 290.5 <br /> GASB 74 requires the presentation of the Net OPEB Liability ("NOL") effective as of June 30, <br /> 2017. The GASB 74 required NOL actuary methodology and assumptions results in a higher liability than <br /> the unfunded actuarial accrued liability("UAAL"). <br /> CONTINGENT LIABILITIES <br /> The County is not aware of any contingent liabilities that it expects would materially adversely affect its <br /> ability to meet its financial obligations. <br /> 42 <br />