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PROPOSED INTERGOVERNMENTAL AGREEMENT
Department: Office of the Chief Financial Officer
Other Part(ies): County Employees’ and Officers’ Annuity & Benefit Fund (“Pension Fund”)
Request: The Bureau of Finance respectfully submits the Intergovernmental Agreement with the County Employees’ and Officers’ Annuity and Benefit Fund (“Pension Fund”) for FY2027 through which the Board would authorize an additional appropriation to the Pension Fund, enabled by a portion of tax revenue.
Goods or Services: The County will disburse additional funds to the Pension Fund to assist in the payment of costs related to annuitant health care expenses.
Agreement Number(s): N/A
Agreement Period: 12/1/2026-11/30/2027
Fiscal Impact: $36,578,966.00
Accounts: 11000.1490.33840.580033
Summary: The purpose of this Agreement is to promote the long-term fiscal sustainability of the Pension Fund by supporting the administration of annuitant health care plans on behalf of the County. The Agreement would appropriate an additional $36,578,966.00 to the Pension Fund, for annuitant health care costs based on a pay-as-you-go basis. The Agreement requires the Pension Fund to continue its commitment to providing the County with updated information regarding the annuitant health care plans and benefit changes.
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