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- 23 - Other Post-Employment Benefits The Government Accounting Standards Board (GASB) has issued Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (GASB 75), establishing new accounting and financial reporting requirements related to post-employment healthcare and other non-pension benefits (referred to as Other Post-Employment Benefits or “OPEB”). The implementation of GASB 75 required the restatement of the City’s beginning net position for the fiscal year ended December 31, 2016. Please see “Note 20, Change in Accounting Principle” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2018. The City provides benefits to eligible employees through the City’s health insurance plan. Active employees who retire from the City when over age 50 and with 20 years of service may continue coverage for both themselves and their eligible dependent(s) under the City’s health benefits program until age 65. Benefits and eligibility provisions are established by the City through its personnel manual and collective bargaining agreements with employee groups. The employee is required to pay 100% of their premium cost for the City-sponsored group health insurance plan in which they participate. As of January 1, 2018, participants of the plan consisted of: Active employees 46 Inactive employees/beneficiaries currently receiving benefits 6 Total 52 The City’s net OPEB liability was measured as of December 31, 2018, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of January 1, 2017. Components of the City’s OPEB liability and related ratios for the fiscal year ended December 31 are as follows: 2017 2018 Total fiduciary net position – beginning of year $789,627 $746,540 Service cost 16,990 16,547 Interest 22,542 21,355 Changes of benefit terms 0 0 Differences between expected and actual experience (51,083) 0 Benefit payments (31,536) (27,798) Net changes $ (43,087) $ 10,104 Total fiduciary net position – end of year $746,540 $756,644 Covered Employee Payroll $3,499,836 $3,240,932 Total OBEB Liability as a Percentage of Covered Employee Payroll 21.3% 23.3% For more information regarding the City’s OPEB plan with respect to its employees, please reference “Note 9, Post-Employment Benefits Other than Pensions (OPEB)” of the City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2018, an excerpt of which is included as Appendix IV of this Official Statement. (The City’s Comprehensive Annual Financial Report for fiscal year ended December 31, 2019 is not yet available.) Sources: City’s Comprehensive Annual Financial Reports.