Board Of Directors Meeting. The next CAPS Board of Directors’ (BOD) Meeting is scheduled for Saturday, August 19, 2023, at 9am. In consideration of attendee safety and wellness, CAPS members are invited to attend virtually. Members who wish to attend will need to pre-register for the event here. Registrations must be received no later than Friday, August 18, 2023, by 4:59pm, in order to attend. All members are welcome. Attendees must follow the CAPS Virtual Meeting Participant Expectations.
Draft Agenda, Minutes, and Proposed Motions. The Draft Minutes from the May 20, 2023 BOD Meeting, as well as the Draft Agenda and Proposed Motions for the August 19 BOD Meeting, are posted on the Members-Only Section of the Website (the password is ChooseCAPS! – it is case-sensitive).
Pre-Board of Directors Meeting Virtual Worksite Meetings. In advance of the Board of Directors’ Meeting on Saturday, August 19, 2023, the CAPS BOD will be hosting virtual “worksite” meetings to allow members to hear from their Board Members. The meeting will begin with a presentation by the Board, covering recent events and committee work, and end with a Question and Answer session, open to members present.
The two virtual Worksite Meetings will be held on Thursday, August 17, 2023, for Districts 1, 2, and 4, and Friday, August 18, 2023, for Districts 3 and 5. Members will need to pre-register for the event in order to attend, and follow the CAPS Virtual Meeting Participant Expectations. Check what CAPS District you fall under, here: https://capsscientists.org/contact/map/
CalPERS Released Health Plan Premium Rates. The California Public Employees’ Retirement System (CalPERS) Board of Administration met in the final weeks of July to seek Board approval for final rates for health plans.
First, CalPERS reported the preliminary net return (earnings) on investments for the 12-month fiscal year ending on June 30, 2023, was 5.8%. This positive net return provides data-led support when those who oppose public defined-benefit pensions and other public pension systems attempt to do so. For additional details about the 2022-23 returns, please see CalPERS’ press release. Over the past 30 years, CalPERS has averaged an annual return rate of 7.5%. At the end of the 2022-23 fiscal year, the CalPERS system was estimated to be 72% funded with a total fund value of $462.8 billion.
The CalPERS Board also approved the results of final rate negotiations with their health plan providers to establish monthly premiums for 2024. The overall weighted average increase for CalPERS health plans will be 10.77% next year. Up from the average rate increase from last year of 6.75%. Rate changes in 2024 vary widely from plan to plan. All HMO and PPO Basic plans see an increase over 2023 rates, and only two Medicare plans will see a decrease.
Fortunately, CAPS members enjoy one of the best health care reimbursement rates in state service – the 80%/80% formula – in which the state pays 80% of the premium for Unit 10 rank and file employees and 80% of the additional premium costs for their family members and dependents. Having a formula, as opposed to a flat rate which exists in some other contracts, ensures that despite ongoing negotiations, CAPS members can continue to see their reimbursement amount increase when CalPERS raises rates.
The state’s share of the premiums for CAPS-represented employees is based on the weighted average percentage of the four most utilized plans. The state’s contribution and the employee’s out-of-pocket cost will be published in an upcoming issue of the CAPSule to help you determine whether you wish to make any changes to your coverage for 2024. The open enrollment period will be held this year from September 18 to October 13, 2023. To view the complete list of health care rates for 2024, please click here.
In Review. July 25, 2023. CalPERS Videos. Whether you’re mid-career or getting close to retirement, CalPERS offers member education videos to help you better understand your benefits. The free videos are on a set schedule that is posted to the CalPERS Website. You can register once for all the videos you’re interested in. Be sure to check out this benefit to your CalPERS membership here.
Read the rest of the entries, or see what else you may have missed on the CAPS Website here: http://capsscientists.org/members/caps-member-updates/ The password is ChooseCAPS! – it is case-sensitive.