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VILLAGE OF BUFFALO GROVE, ILLINOIS Notes to the Financial Statements
December 31, 2022
NOTE 4 – OTHER INFORMATION – Continued
OTHER POST-EMPLOYMENT BENEFITS
General Information about the OPEB Plan
Plan Description. The Village’s defined benefit OPEB plan, Village of Buffalo Grove Retiree Benefits Plan (RBP), provides OPEB for all permanent full-time general and public safety employees of the Village. RBP is a single-employer defined benefit OPEB plan administered by the Village. Article 11 of the State Compiled Statutes grants the authority to establish and amend the benefit terms and financing requirements to the Village Board. No assets are accumulated in a trust that meets the criteria in paragraph 4 of Statement 75. There are no separately issued financial statements.
Benefits Provided. RBP offers medical, prescription, vision, dental, life insurance coverage to retirees. Retirees pay full cost of coverage. Coverage ends at age 65 or once retirees are eligible for Medicare.
Plan Membership. As of December 31, 2022, the measurement date, the following employees were covered by the benefit terms:
The Village’s total OPEB liability was measured as of December 31, 2022, and was determined by an actuarial valuation as of December 31, 2021.
Actuarial Assumptions and Other Inputs. The total OPEB liability in the December 31, 2021 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
