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Monday, December 24, 2018

Worcester’s OPEB Liability Staggering; Mitrecic Advocates For Payment Plan

SNOW HILL – Concerns regarding retiree health care costs dominated a review of Worcester County’s latest audit this week.

During a presentation of the Worcester County Comprehensive Annual Financial Report for the year ending June 30, 2018, the Worcester County Commissioners focused on rising OPEB (other post-employment benefits) costs. The county’s OPEB liability, between county employees and school system employees, is roughly $350 million.

“In order to look at this, we’re going to have to look at funding mechanisms and we’re going to have to generate more income in the county so we can address this,” Commissioner Joe Mitrecic said.

Chris Hall of TGM Group told the commissioners the county’s financial statements presented fairly. He said a key change in this year’s audit had involved OPEB calculations. He said the rate of return used in calculating the school system’s OPEB liability had changed.



Anonymous said...

Where can Wicomico’s Comprehensive Annual Financial Statements be found?

Anonymous said...

Its time for the State of Maryland to go back to paying the teachers pensions like Virginia and West Virginia. If Mitrecic was smart that is what he would be pushing.

Anonymous said...

Fact is, Maryland State officials saw the handwriting on the wall and that's why they threw the previous cooridor pension funding on the County's just like they did the SS contributions for school teachers. State officials knew all along that at the County level there was no one competetent enough to understand what was going to happen.

Anonymous said...

Yeah, that's right Worcester County. Keep giving county retirees and county workers benefits that the taxpayers don't get....and make the taxpayers pay for it. That's fair, right?