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Oneida-Herkimer Solid Waste Management Authority
Notes to Financial Statements
December 31, 2022 and 2021
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Note 7 - Other Postemployment Benefits (OPEB)
Pension Plan Fiduciary Net Position - Continued
The Authority provides health care benefits for eligible retired employees comprised of a 50% monthly premium contribution toward their health insurance costs. Eligible retirees may also have a spouse and dependents covered at the retired employees’ expense. Healthcare benefits are provided through insurance companies whose premiums are based on the benefits provided.
The benefit plan is administered and accounted for as a single-employer defined benefit plan. A summary of active employees and retired employees covered under this benefit plan is as follows:
The contribution requirements of benefit plan members and the Authority are established pursuant to applicable collective bargaining and employment agreements. The required rates of the employer and the members may vary depending on the applicable agreement. The Authority is not required to fund the benefit plan other than the pay-as-you-go amount necessary to provide current benefits to retirees. For the years ended December 31, 2022 and 2021, the Authority paid $55,923 and $36,349, respectively, on behalf of the plan members. The benefit plan does not issue a stand-alone financial report since there are no assets legally segregated for the sole purpose of paying benefits under the benefit plan.
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
At December 31, 2022 and 2021, the Authority reported a liability of $3,018,721 and $3,192,658 for its OPEB liability, respectively. The OPEB liability was measured as of January 1, 2022 by an actuarial valuation as of that date. For the years ended December 31, 2022 and 2021, the Authority recognized OPEB expense of $114,754 and $563,561, respectively. The Authority reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
