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August 8, 2014

RE: Division of Pensions Posts 2015 SHBP Rate Recommendations

Dear Mayor:

The Division of Pensions and Benefits (Pensions) has posted on-line the State Health Benefits Plan (SHBP) Plan Year 2015 Rate Renewal Recommendation report for Local Government Employers. You can access this report at www.state.nj.us/treasury/pensions/shbp-rate-renewal.shtml.

The purpose of this report is to recommend premium levels to the State Health Benefits Commission for the Local Government Employer Group of the State Health Benefits Program (SHBP) for January 1, 2015 through December 31, 2015. The Commission approved the premiums at its July 17 meeting. According to Aon Hewitt, the consultants who prepared the recommendations:

“Aon Hewitt is recommending overall increases of 8.1% for Active Employees, 5.5% for Early Retirees, and 6.1% for Medicare Retirees.  For all groups combined, the recommended increase is 7.4%. Note that the Active increase reflects the impact of a 5.7% increase in Single and Employee+Spouse rates, a 9.7% increase in the Family rates, and a 12.3% increase in Employee+Child(ren) rates.”

We hope you find this information helpful.

Very truly yours,

William G. Dressel, Jr.
Executive Director

 

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