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APPROPRIATION COMMITTEE-2017 ATM
<br /> Below is a table of health insurance costs to the Town by subscriber category:
<br /> Subscriber Category Count Total Cost Average Cost to Town
<br /> $ $
<br /> Active - Town - Individual 83 $622,683 $7,502
<br /> Active - Town -Family 178 $3,323,989 $18,674
<br /> Active - School-Individual 333 $2,441,366 $7,331
<br /> Active - School-Family 494 $9,297,928 $18,822
<br /> Overall Actives 1,088 $15,685,966 $14,417
<br /> Retiree -Individual 141 $1,197,518 $8,493
<br /> Retiree -Family 76 $1,478,968 $19,460
<br /> Retiree -Medicare Plan 1,026 $4,238,761 $4,131
<br /> Overall Retirees 1,243 $6,915,247 $5,563
<br /> Total Active &Retirees 2,331 $22,601,213 $9,696
<br /> Open Enrollment 90 $1,244,527 $13,828
<br /> Position Vacancies 33 $467,255 $14,159
<br /> New Positions 17 $192,429 $11,319
<br /> Estimated Reduction -35 -$123,808 $3,537
<br /> Net Other Subscriber Increase 105 $1,780,403 $16,956
<br /> Opt-Out Program N/A $350,000 N/A
<br /> Administrative Costs & Misc. N/A $178,252 N/A
<br /> Expenses
<br /> Part B Penalty N/A $92,984 N/A
<br /> Total Other Costs N/A $621,236 N/A
<br /> Grand Total 2,436 $25,002,8522 $10,264
<br /> Note:
<br /> 1. The subscriber counts above include 9 employees who are not General Fund employees.
<br /> 2. 99.7%or$24,932,984 of the health insurance cost will be funded through the General Fund.
<br /> The FY2018 budget on health insurance is based on an increase of 8%in health insurance premiums across all
<br /> plans and the projected addition of ninety (90) subscribers (new enrollees to health coverage, either from new
<br /> retirees, active employees electing to begin or resume coverage, and active employees switching from indi-
<br /> vidual to family plans). The budget includes benefits for both new school and new municipal positions.
<br /> The second largest category within Employee Benefits & Insurance is Contributory Retirement for which the
<br /> FY2018 budget is $5,755,537. The year-over-year increase in Contributory Retirement is $250,000 or 4.5%.
<br /> The funding amount is based on a January 1, 2016, actuarial valuation of the Lexington Retirement System.
<br /> Without any other changes to the Retirement Plan,the schedule projects full funding of the system's unfunded
<br /> liability by 2024.
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