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Monday, May 06, 2013
Santa Clara VTA takes step to reduce retiree health benefit liability
The Santa Clara Valley Transportation Authority's (VTA) board late last week approved the transfer of $20.65 million to reduce future liability for retiree health-care benefits.
The funding was set aside in the last budget cycle to be drawn upon while VTA explored options to reduce the long-term costs of retiree health care benefits, agency officials said in a press release.
The fund transfer will reduce future liability and VTA's annual contribution to retiree medical trust by about $2 million per year. After the transfer, the VTA will have a 72.8 percent funded ratio, considered among the highest of similar benefit trust funds for other transit agencies in California, agency officials said.
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