West Virginia PEIA/RHBT Finance Board Meeting Summary
Explore the details of the West Virginia Retiree Health Benefit Trust Fund and PEIA Finance Board meeting held on March 16, 2017. The meeting covered various agenda items including roll call, approval of minutes, financial plan updates, premium discussion, public comments, and more. Important financial information and updates on the fiscal years 2017 and 2018 were discussed in detail.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
West Virginia Retiree Health Benefit Trust Fund and PEIA Finance Board Meeting Thursday, March 16, 2017, 1:00 p.m. Canaan Valley Room 1041, DEP Building, 601 57th Street, SE Charleston, WV 25304 1 PEIA/RHBT Finance Board Meeting
Agenda Roll Call Call to Order Approval of Minutes Financial Plan Updates Premium Discussion Public Comments Motion to Accept Discussed Items Director Update Old Business New Business Next Meeting June 15, 2017 2 PEIA/RHBT Finance Board Meeting
Roll Call John Myers, Chairman Members: James W. Dailey, II Brian Donat Troy Giatras Elaine Harris William Bill Ihlenfeld William Bill Milam Michael T. Smith Joshua Sword Philip Reale, II 3 PEIA/RHBT Finance Board Meeting
Approval of Minutes December 1, 2016 John Myers Chairman PEIA/RHBT Finance Board Meeting 4
Financial Plan Update Chris Borcik and Dave Bond, Continuing Care Actuaries Jason Haught, CFO, PEIA PEIA/RHBT Finance Board Meeting 5
West Virginia Public Employee Insurance Agency Fiscal Year 2017 (millions) Fiscal Year 2018 (millions) Dec-16 Financial Plan 777.6 $ Mar-17 Dec-16 Financial Plan 784.2 $ Mar-17 Update Update Change Change Revenue Premiums Investment Income Other $ 768.1 6.8 15.6 $ (9.4) (1.0) (1.5) $ 774.7 6.0 15.7 $ (9.4) 0.1 (1.5) 7.8 17.1 6.0 17.2 Total $ 802.5 $ 790.6 $ (11.9) $ 807.3 $ 796.5 $ (10.9) Expenses Medical Claims Drug Claims Capitations Administration & Wellness WV RHBT Pay Go Premiums ACA Expenses Other Expenses $ 440.3 123.7 39.1 17.5 150.0 2.1 4.3 $ 410.5 148.2 41.7 15.7 150.0 2.1 4.3 $ (29.8) 24.5 2.7 (1.8) - 0.0 (0.1) $ 452.7 119.3 41.4 17.8 160.0 0.3 4.5 $ 409.8 155.1 44.2 13.9 160.0 0.3 5.2 $ (42.8) 35.8 2.8 (3.8) - 0.0 0.7 Total $ 777.0 $ 772.5 $ (4.4) $ 795.9 $ 788.6 $ (7.3) Fiscal Year Results Ending Fund Balance Required Reserve Surplus/(Shortfall) $ $ $ $ 25.5 119.8 124.0 (4.2) $ $ $ $ 18.0 123.2 122.5 0.7 $ $ $ $ (7.5) 3.4 (1.6) 4.9 $ $ $ $ 11.4 131.3 126.0 5.3 $ $ $ $ 7.9 $ $ $ $ (3.6) (0.2) (2.1) 1.9 131.1 123.9 7.2 *The annual Medical Trend through February was 7.7%, while the plan assumption was 7.0% *The annual Drug Trend through February was 10.6%, while the plan assumption was 11.0% *A subset of specialty drugs was shifted from Medical to Rx billing PEIA/RHBT Finance Board Meeting 6
West Virginia Retiree Health Benefit Trust Fiscal Year 2017 (millions) Fiscal Year 2018 (millions) Dec-16 Financial Plan 239.3 $ Mar-17 Dec-16 Financial Plan 256.3 $ Mar-17 Update Change Update Change Revenue Premiums Annual Required Contributions Life Insurance Investment Income Transfer from Premium Stabilization Reserve General Revenue Transfer $ 238.8 0.1 22.8 48.4 19.4 35.0 $ (0.6) 0.1 (2.0) 5.9 - - $ 256.0 - 24.0 45.7 - 35.0 $ (0.3) - (2.1) 0.2 - - - - 24.9 42.5 19.4 35.0 26.1 45.5 - 35.0 Total $ 361.1 $ 364.5 $ 3.3 $ 362.9 $ 360.7 $ (2.2) Expenses Medical Claims Drug Claims Capitations Administration Life Insurance Retiree Assistance Program ACA Expenses Other Expenses $ 68.6 28.7 153.6 4.6 24.6 1.3 0.2 0.3 $ 65.2 30.9 155.0 3.7 22.5 3.2 0.2 1.4 $ (3.4) 2.3 1.4 (0.9) (2.0) 1.9 0.0 1.1 $ 68.6 31.4 154.6 4.7 25.8 1.4 0.0 0.3 $ 66.2 30.2 158.5 3.8 23.7 3.5 0.0 1.5 $ (2.4) (1.3) 3.9 (0.9) (2.1) 2.0 (0.0) 1.2 Total $ 281.9 $ 282.2 $ 0.3 $ 286.9 $ 287.4 $ 0.6 Fiscal Year Results Ending Fund Balance $ $ 79.3 743.4 $ $ 82.3 748.5 $ $ 3.1 5.1 $ $ 76.0 819.4 $ $ 73.3 821.7 $ $ (2.8) 2.3 *The annual Non-Med Medical Trend through February was 2.7%, while the plan assumption was 7.0% *The annual Non-Med Drug Trend through February was 24.8%, while the plan assumption was 11.0% PEIA/RHBT Finance Board Meeting 7
Financial Statements Year to Date January 2017 Financial Statements PRESENTED BY: Jason Haught, CFO, PEIA 8 PEIA/RHBT Finance Board Meeting
9 PEIA/RHBT Finance Board Meeting
10 PEIA/RHBT Finance Board Meeting
11 PEIA/RHBT Finance Board Meeting
12 PEIA/RHBT Finance Board Meeting
13 PEIA/RHBT Finance Board Meeting
PREMIUM Discussion By: Jason Haught, CFO, PEIA 14 PEIA/RHBT Finance Board Meeting
Er Increase HI01 1.0066 1.0066 1.0066 AVG HMHPA 1.0000 1.0000 1.0000 3,016 HMHPB 1.0000 1.0000 1.0000 2,157 HMHPC 1.0000 1.0000 1.0000 116 HI02 HI03 HI04 HMHP 1.0000 1.0000 1.0000 P C F 0.9200 0.9200 0.9200 1.0400 1.0400 1.0400 1.0000 1.0000 1.0000 15 PEIA/RHBT Finance Board Meeting
EE Share Original EE Share No Migration EE Share 1/2 Migration Shift to 80/20 A B C D HMHPA HMHPB HMHPC Total 20.2% 15.9% 22.8% 17.7% 25.2% 14.7% 16.8% 19.8% 20.3% 17.0% 22.1% 17.8% 25.2% 14.7% 16.8% 20.0% 20.2% 17.0% 22.0% 17.9% 25.1% 14.6% 16.7% 19.9% 0.0% 1.1% 0.7% 0.2% 0.1% -0.1% -0.1% 0.1% 16 PEIA/RHBT Finance Board Meeting
All Plans Dec-14 Dec-15 Dec-16 Salary Salary Code Tier Count Count Count Difference $0-$20,000 1 P 934 937 975 38 1 C 192 170 177 7 1 F 763 750 839 89 $20,001-$30,000 2 P 7,054 6,934 6,956 22 2 C 2,067 1,938 1,857 -81 2 F 9,076 8,542 8,259 -283 $30,001-$36,000 3 P 3,577 3,638 3,780 142 3 C 852 850 835 -15 3 F 4,348 4,491 4,368 -123 $36,001-$42,000 4 P 3,757 3,728 3,613 -115 4 C 1,035 1,119 1,137 18 4 F 4,944 5,130 5,116 -14 $42,001-$50,000 5 P 3,220 3,224 3,165 -59 5 C 1,147 1,228 1,148 -80 5 F 5,163 5,317 5,150 -167 $50,001-$62,500 6 P 3,551 3,440 3,265 -175 6 C 1,001 983 922 -61 6 F 5,328 5,144 4,890 -254 $62,501-$75,000 7 P 1,010 1,031 1,000 -31 7 C 256 284 274 -10 7 F 1,692 1,764 1,753 -11 $75,001-$100,000 8 P 701 754 737 -17 8 C 167 167 154 -13 8 9 9 9 10 10 10 F P C F P C F P C F 1,177 168 1,194 180 1,143 179 -51 -1 $100,001-$125,000 37 313 132 25 330 38 323 137 35 363 45 318 147 47 367 7 -5 10 12 4 $125,000+ All Salaries 24,104 6,779 33,134 64,017 24,003 6,812 33,018 63,833 23,817 6,596 32,203 62,616 -186 -216 -815 -1,217 17 PEIA/RHBT Finance Board Meeting
2017 PLAN A Single Coverage $63 $80 $87 $93 $108 $131 $145 $174 $217 $247 2018 PLAN A 2017 PLAN D Single Coverage $53 $67 $74 $78 $92 $111 $123 $148 $184 $211 2018 PLAN D Change Change $64 $81 $88 $94 $109 $132 $146 $176 $219 $249 $1 $1 $1 $1 $1 $1 $1 $2 $2 $2 $53 $68 $75 $79 $93 $112 $124 $149 $186 $212 $0 $1 $1 $1 $1 $1 $1 $1 $1 $2 Employee/Child Change Employee/Child $105 $125 $133 $144 $173 $209 $236 $290 $344 $393 Change $126 $150 $159 $172 $206 $248 $280 $343 $406 $463 $127 $151 $160 $174 $208 $250 $283 $346 $410 $467 $1 $1 $1 $2 $2 $2 $3 $3 $4 $4 $106 $126 $134 $145 $175 $211 $238 $293 $347 $397 $1 $1 $1 $1 $2 $2 $2 $3 $3 $4 18 PEIA/RHBT Finance Board Meeting
2017 PLAN A Family $183 $232 $259 $288 $338 $405 $438 $523 $640 $740 2018 PLAN A 2017 PLAN D Family $148 $190 $213 $237 $280 $338 $366 $439 $539 $624 2018 PLAN D Change Change $185 $234 $261 $291 $341 $409 $442 $528 $646 $747 $2 $2 $2 $3 $3 $4 $4 $5 $6 $7 $149 $192 $215 $239 $283 $341 $369 $443 $544 $630 $1 $2 $2 $2 $3 $3 $3 $4 $5 $6 Employee Spouse $147 $184 $207 $226 $268 $322 $362 $456 $574 $662 Change Employee Spouse $117 $149 $168 $185 $220 $267 $301 $381 $482 $558 Change $148 $186 $209 $228 $270 $325 $365 $460 $579 $668 $1 $2 $2 $2 $2 $3 $3 $4 $5 $6 $118 $150 $170 $187 $222 $269 $304 $384 $486 $563 $1 $1 $2 $2 $2 $2 $3 $3 $4 $5 19 PEIA/RHBT Finance Board Meeting
Public Comment John Myers Chairman PEIA/RHBT Finance Board Meeting 20
Motion to accept Premium Plan Discussion Items John Myers Chairman 21 PEIA/RHBT Finance Board Meeting
Director Update Ted Cheatham, PEIA Director PEIA/RHBT Finance Board Meeting 22
Old Business John Myers Chairman PEIA/RHBT Finance Board Meeting 23
New Business John Myers Chairman PEIA/RHBT Finance Board Meeting 24
Schedule Next Meeting June 15, 2017, 1:00 pm John Myers Chairman PEIA/RHBT Finance Board Meeting 25
Adjourn John Myers Chairman PEIA/RHBT Finance Board Meeting 26
If you want to request a copy of todays meeting materials, please contact: Vicki Jones (304) 957-2620 Vicki.L.Jones@wv.gov PEIA/RHBT Finance Board Meeting 27
