County Retiree Health Benefits to Top $1 Billion in 30 Years

Morris County is bracing for costly health benefits for retirees in the next 30 years that could amount to more than $1 billion, according to The Star-Ledger.

At a Morris County Board of Chosen Freeholders Budget Committee meeting last week, members spoke of their concerns regarding the health benefits following a presentation of a report completed by the financial advisors of Aon Hewitt, who specialize in retirement benefits. The health costs to the county have risen to about $343 million in just two years for many reasons, including people living longer, the Ledger reported.

Freeholder John Krickus also cited the increased costs associated with the Affordable Care Act, or Obamacare, and lower investment interest rates as being factors, according to the Ledger. Spouses of county employees hired before January 2012 also benefit from the government plan.

Freeholder Director Thomas Mastrangelo said the board should look into the issue further as it relates to contract negotiations, the Ledger reported.