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Medical Care

New Legislative Changes Boost Delaware's Retiree Healthcare Funds

2024-11-30

Delaware, once known for neglecting funds for state retiree healthcare benefits, is now witnessing a significant turnaround. This change holds great importance for the well-being of retirees and the financial stability of the state.

Delaware's Journey to Secure Retiree Healthcare Funding

Historical Neglect and Its Impact

For a long time, Delaware had been lax in setting aside funds specifically for state retiree healthcare. This lack of foresight had led to a substantial unfunded liability, reaching an estimated $8.9 billion in February, with $8.4 billion of that remaining unfunded. Such a situation posed a significant challenge to the state's financial health and the future of retirees.

However, recent legislative actions have begun to address this issue. State lawmakers passed a bill increasing OPEB pre-funding from 0.36% of payroll to 0.5%, with incremental annual increases until it reaches 10%. This move shows a commitment to rectifying the historical neglect and ensuring a more secure future for retirees.

The Role of Governor John Carney

In July 2023, Governor John Carney signed Senate Bill 175, which requires that every year, at least 1% of the grand total of the General Fund operating budget appropriations for the prior fiscal year is appropriated to the OPEB trust fund. This step is crucial in beginning to address the unfunded liability and laying the foundation for a more stable financial situation.

As Beth Mercer from Cheiron, the company conducting annual actuarial valuations for the OPEB trust fund, explains, these legislative changes are having a positive impact. "That's what's driving the increase in market value of assets and the funding ratio. So as additional changes are happening to the funding policy, this is just going to keep continuing to improve the funded status of the plan," she said.

The Current Status of the OPEB Trust Fund

Currently, the OPEB trust fund stands at $11.1 billion. This represents a significant improvement from a decade ago when the funded ratio was only 4.9%. Now, 8.6% of the total is funded, compared to just 7.2% last year. These figures highlight the progress that has been made and the positive direction in which the state is moving.

It's important to note that the valuation was conducted before the 1% General Fund contribution of $56 million and an additional $199 million deposit. If these were included, the market value of assets would be more than $1.2 billion, and the funded ratio would increase to more than 11%. This further emphasizes the potential for continued growth and improvement.

The Challenge of Rising Prescription Drug Costs

While Delaware is making strides in increasing its funding, Mercer also points out that prescription drug costs continue to rise. This has been driving short-term liability growth and presents an ongoing challenge that needs to be addressed.

The state must find ways to manage these rising costs while still ensuring that retirees have access to the healthcare they need. This requires a careful balance between funding and cost control to maintain the financial stability of the OPEB trust fund.

Samsung's much-anticipated Android 15 rollout has been marred by delays, leaving users in suspense. However, a now-deleted post on the company's Spanish site has sparked hopes of an imminent release and given us a glimpse into the exciting features of One UI 7.

Uncover Samsung's Android 15 Surprises

Android 15 Delays and the Search for a Release Date

Samsung's delayed rollout of Android 15 continues without a definite release date. This has left users eagerly awaiting news and speculating about when the new operating system will finally make its way to their devices. The repeated delays since May have only added to the anticipation and uncertainty.Despite the delays, the company's Spanish site post initially sparked excitement among users. Although it has now been deleted, it provided valuable insights into what we can expect with the One UI 7 belated rollout.

One UI 7: Neat Android 15 Features

Expected to launch with the Galaxy S25 family in January, One UI 7 is set to implement some of the most exciting Android 15 features. Private Space and Theft Detection Lock are among the features that users are eagerly looking forward to. These features will enhance the security and privacy of their devices, giving them peace of mind.In addition to these features, One UI 7 will also offer a more sophisticated and intuitive user experience. The promotional page gives us a taste of what Samsung is planning to set itself apart from the competition, with a focus on revolutionizing the way we communicate and unleashing our creativity.

Galaxy AI: Sketch to Image and Portrait Studio

Galaxy AI is at the heart of many of the new features in One UI 7. Sketch to Image, a feature that allows users to draw a doodle and have AI flesh it out, is getting updated with more customization options. Users can now choose to make the finished product a 3D cartoon, a sketch, or a watercolor painting, giving them more control over the output.Another exciting feature is the new Portrait Studio, which takes selfies and turns them into stylized pictures. Whether you want a cartoon, sketch, or comic look, the AI will do the rest, making it perfect for social media bios.

Inspiration from Dynamic Island

Although Samsung phones have a pinhole camera instead of a floating notch like modern iPhones, the company is still taking inspiration from Dynamic Island. A short video shows smart notifications floating at the bottom of the lock screen in cyclable ovals, with a recorder, timer, and media controls demonstrated. This is not too far away from the Rich Ongoing Notifications rumored for Android 16, adding a new dimension to the user experience.

Galaxy Store Parental Protections

The Galaxy Store will also be getting some parental protections with One UI 7. A screenshot shows a child account needing permission from the connected guardian to install an app from the store. This is an important feature that will give parents more control over their children's device usage and ensure their safety online.

Icon Refresh and AI Feature Paywall

The icons in One UI 7 have also been refreshed, giving the interface a fresh look. However, Samsung has left the option open for AI features to be paywalled in the future. The small print on the promotional page states that these features are only guaranteed to be free until the end of 2025, leaving users wondering about the future of these exciting technologies.As for when One UI 7 will finally arrive, it remains a mystery. The repeated delays have left users frustrated, but the accidental promo page suggests that we might yet see it before the year is out. Perhaps Samsung will surprise its fans with an early Christmas present.Discover the latest tech news and product picks from our experts at Tom's Guide and stay tuned for more updates on Samsung's Android 15 rollout and One UI 7.