In 2014, the City of Memphis found itself with a billion-dollar debt. Years of offering costly retiree health plans, coupled with the pains of the 2008 recession left the city with an underfunded pension and significant other post-employment benefits (OPEB) liabilities.
The City of Memphis was facing $1.3 billion in unfunded OPEB liabilities and needed a solution.
In this episode, Marianne welcomes Eye on 65 guest, Chief Financial Officer of the City of Memphis, Shirley Ford, to discuss how the city’s move to the individual marketplace served as an innovative solution to contain costs and reduce OPEB liabilities while providing better value to retirees.
Listen to the full episode below. You can also subscribe on Apple Podcasts or bookmark the Eye on 65 page. More information for public sector plan sponsors can be found on the Willis Towers Watson website.