ERS Board of Trustees meets February 21
The ERS Board of Trustees will meet from 8:30 a.m. to 5 p.m. in the Board Conference Room of the ERS Building at 200 E. 18th Street in Austin. In addition to several investment related items that will be taken up in the morning, the Board’s agenda includes the following items:
- Results of the retirement experience study for fiscal years 2008-2011. State law requires ERS to investigate the mortality, service, and compensation experience of its members at least every five years. The ERS Board and actuaries use results from the experience study to determine if changes are needed to plan assumptions, such as rates of retirement. Changing these assumptions can affect the plan’s funding level and ongoing costs.
- A recommendation for the third-party administration contract for HealthSelectSM of Texas. The third party administrator pays claims according to the plan design determined by ERS, manages the network, and provides customer service. The contract is bid on a regular basis.
- An update on the financial status of the health plans including a report on compliance with the new tobacco user premium. As of January 12, 20,460 members and dependents had certified as tobacco users. This new wellness incentive program also provides free coaching programs and covers prescription drugs, such as Chantix and Zyban, for a copay.
- A proposed change to the long-term disability plan design that will make the benefits more equitable for all participants and better coordinate with benefits provided under the short-term disability plan.
You can watch a live stream of the meeting by clicking a link from the Board webpage. The link will be available on February 21. ERS will announce the results of actions taken by the Board in the next issue of News About Your Benefits.
