Acton-Boxborough Regional School District Notes to Required Supplementary Information Year Ended June 30, 2024
NOTE C – OTHER POST-RETIREMENT BENEFITS
The District administers a single-employer defined benefit healthcare plan (the “Plan”). The Plan provides lifetime healthcare insurance for eligible retirees and their spouses through two separate plans. The District’s group health insurance plan covers its active members and the Group Insurance Commission covers its retired members.
A. Schedule of the District’s Proportionate Share of the Net Other Postemployment Benefit Liability
The Schedule of the District’s Proportionate Share of the Net Other Postemployment Benefit Liability details the Plan’s net other postemployment benefit liability (asset) and the covered employee payroll. It also demonstrates the Plan’s net position as a percentage of the total liability and the Plan’s net other postemployment benefit liability as a percentage of covered payroll.
B. Schedule of the District’s Contributions
The Schedule of the District’s Contributions includes the District’s annual required contribution to the Plan, along with the contribution made in relation to the actuarially determined contribution and the covered employee payroll. The District is not required to fully fund this contribution. It also demonstrates the contributions as a percentage of covered payroll.
C. Schedule of Investment Returns
The Schedule of Investment Return includes the money-weighted investment return on the Plan’s other postemployment assets, net of investment expense.
D. Changes in Assumptions
• The discount rate has increased from 5.92% to 6.55%. • Modified the assumption for future increases in healthcare costs using the Getzen model to reflect higher costs in the near-term.
E. Changes in Plan Provisions
None.
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