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30. EMPLOYEE BENEFIT TRUST – BENEFIT PREMIUM HOLIDAY - PAY PERIOD END 6/5/2016 Approve the following: 1. Implement a premium holiday for self-insured employee medical, pharmacy and behavioral health plans for the pay period ending June 5, 2016 (reflected in paychecks to be issued June 15, 2016). The premium holiday will affect both employee and employer contributions. The estimated savings to employees is $ 571,715 and the estimated savings to the employer are $ 5,203,899, a combined total of $5,775,614. The FY 2016 Budget was developed according to this plan. 2. In the event that Net Position in the Maricopa County Employee Benefits Trust (excluding Short-Term Disability funds) is reduced to deficit as of June 30, 2016, the shortfall will be eliminated by a fund transfer from the General Fund. Such a transfer from the General Fund may occur in FY 2016-17. 3. Designate $5,800,000 in the General Fund Reserves FY 2017 of the FY 2017 Budget as a contingency to cover a shortfall in the Benefits Trust, should the fund balance drop below zero. This amount may be reallocated once additional revenue accumulates to restore reserves in the Benefits Trust to minimum recommended levels. This action will reduce the Net Position of the Employee Benefits Trust by reducing revenue that would otherwise be collected. The premium holiday will be implemented by not charging employee and employer premiums for medical, pharmacy and behavioral health plans for all employees that have an active “A” status or leave status of “L” or “P” at the time of the premium holiday. This action will reduce Benefit Trust revenues but will not eliminate the benefit cost allocation to departments for the June 5, 2016 pay period. The cost allocation was budgeted to be lower than actual benefit premium charges and thus the departments have already benefited from receiving a discounted cost allocation. (C-39-16-020-2-00)