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V.B Lee County 2021 Post-65 Retiree Health Insurance Plan Renewal <br /> Human Resources Director Joyce McGehee presented the 2021 Post-65 Retiree <br /> Health Insurance Plan Renewal. The vendor is Aetna and is well supported by the <br /> retirees currently benefiting from the plan. Ms. McGehee thus recommended that the <br /> current post-65 health insurance vendor, Aetna, thus remain the same for 2021. The <br /> Aetna Plan is a Medicare Advantage Plan that works in addendum with Medicare Part <br /> A and Medicare Part B for retirees who have attained the age of 65. To qualify, an <br /> employee must have been hired by March 10, 2010, and have attained 20 years in the <br /> Retirement System with the last 15 years consecutively working for Lee County <br /> Government. The current budget will cover the increase of premium which is less than <br /> one percent. The current plan cost is $335.65 per month per retiree. The cost for 2021 <br /> will increase to $337.63 per month per retiree. There are currently 93 post-65 retirees <br /> in the plan. Three retirees will come into the plan in 2021. The annual cost will be <br /> $4,531.56 per retiree. <br /> County of Lee - 2021 Financial Conditions.pdf <br /> County of Lee - 2021 MAPD Renewal Rates.pdf <br /> County of Lee - 2021 Summary of Benefits.pdf <br /> MAPD Renewal 2021.pptx <br /> Motion: Motion to approve the Lee County 2021 Post-65 Retiree Health <br /> Insurance Plan Renewal. <br /> Mover: Robert Reives <br /> Moved To: Approve <br /> For: 6 - Amy Dalrymple, Arianna Del Palazzo, Dr. Andre Knecht, Robert Reives, <br /> Cameron Sharpe, Kirk Smith <br /> Absent: 1 - Kevin Dodson <br /> Motion Result: Passed <br /> V.0 Refunding of 2016 Certificate of Participation <br /> Assistant County Manager/Finance Director Lisa Director presented a request to <br /> refund some or all of the County's 2016 Certificates of Participation. The County's <br /> financial advisors, Davenport and Company LLC, reached out to County staff after <br /> being contacted by Capital One, who holds the outstanding 2016 Certificate of <br /> Participation, regarding a potential refunding of our 2016 Certificates of Participation. <br /> Capital One is offering to amend the call provision and refund the entire issuance at <br /> an interest rate of 1.75%. The current rate is 2.79%. The analysis shows a potential <br /> savings of$ 594,531 over the remaining life of the debt which is eight years. The <br /> deal will extend the call date on the debt from 10/21/2021 to 10/21/2026. Upon <br /> action to proceed with the process, a public hearing will be scheduled for the <br /> October 19, 2020 Board of Commissioners meeting. The Board will be required to <br /> take action following the public hearing to approve necessary resolutions. The <br /> anticipated closing date is November 12, 2020. <br /> Lee County, NC - 2016 COPs Refunding Analysis 9.4.20.pdf <br /> Motion: Motion to authorize staff to proceed with the process to refund some <br /> or all of the County's outstanding 2016 Certificate of Participation. <br /> Mover: Kirk Smith <br /> Moved To: Approve <br /> For: 6 - Amy Dalrymple, Arianna Del Palazzo, Dr. Andre Knecht, Robert Reives, <br /> Cameron Sharpe, Kirk Smith <br /> Absent: 1 - Kevin Dodson <br /> Motion Result: Passed <br /> 6 <br />