It wasn't until 2012 that the city finally established a trust fund to address its OPEB
In addition, this Statement clarifies that when actuarially determined OPEB
measures are reported by an agent multiple-employer OPEB
plan and its participating employers, those measures should be determined as of a common date and at a minimum frequency to satisfy the agent multiple-employer OPEB
plan's financial reporting requirements.
The other standard, GASB 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, requires government employers to disclose OPEB
in their financial statements.
Because of changes to accounting and reporting standards, state leaders are likely to focus more attention on contribution rates, prefunding retiree health benefits, or finding other ways to reduce their OPEB
The issuance of these new OPEB
standards culminates the second of two major initiatives to improve accounting and financial reporting for post-employment benefits.
The theoretical framework in which this paper is couched is the intersection between institutional effects and professional governance theory applied to pension and OPEB
funding during periods of fiscal stress.
Statement 75 applies to governments that provide OPEB
for their employees.
Bournival, owner of KMS Actuaries, warned that continuing to handle OPEB
liabilities on a pay-as-you-go basis could eventually catch up with cities and towns as health insurance costs continue to rise.
75% for purposes of determining its pension and OPEB
The total unfunded OPEB
liability reported in state and the largest local governments' CAFRs exceeds $530 billion.
A panel discussion with representatives from three state league OPEB
Trusts (South Carolina, Florida, and Virginia) centered on how each of the OPEB
trusts was created, the governance structure of each trust, and the types of services that are offered to OPEB
Trust members, such as investment management and custodial and legal services.
What follows is a summary of the accounting rules for the healthcare obligation, a simplified demonstration of how to interpret the information, and an analysis of an actual (Target Corporation) OPEB