At the August 28, 2023 Board of Trustees Meeting, Bloomfield Township Finance Director Jason Theis and Actuary Jeff Chmielewski of Milliman reviewed and discussed the Township’s legacy costs pertaining to its pension (defined benefit) and retiree healthcare plans (OPEB – “Other Post-Employment Benefits”).
Both benefits were traditionally offered by public sector employers. To address liabilities associated with offering these benefits, the Township closed them to new employees beginning in 2005. Presently, the pension plan and the retiree healthcare plan trust funds are healthy. Director Theis detailed market performance and actuarial reports that determine what the Township is required to contribute for each fiscal year towards its pension plan.
The Finance Webpage on the Township website provides the public with budgets, audited financial statements and actuarial reports for individuals interested in reviewing the Township’s fiscal materials.