Monday, July 13, 2009

A release from some Corpus Christi City Employees Opposing GASB 45

Dear Friends:
Also tomorrow we need to tell the Council that we are against GASB 45. GASB stands for Government Accounting Standards Board. The 45 mean statement 45. GASB 45 refers to the recording (not funding) of retiree health insurance for all CURRENT employees. The City is having to report to the Federal Government what it guesses our future health insurance will cost when we retire. It has nothing to do with current retirees, it deals with current employees. The reason retirees need to know about GASB 45 is that when the City FUNDS (pays) GASB 45 projected amounts, it will directly impacts the current cost of Health Insurance (premiums) that retirees ALSO have to pay while on a fixed income. In some cases the cost of Health Insurance will grow so fast that current retirees will NOT be able to afford health insurance!
Please attend the meeting this month (the 14th, 21st, and 28th of July) We need to speak our minds and tell the Council how damaging raising Health Insurance premiums will be and are! If you can not go to the meetings, please send an email about NOT funding GASB 45 and artificially inflating Health Insurance Premiums. We need to fight this TOGETHER in one unified voice!

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