Governmental Accounting Standards Board (GASB)
The Governmental Accounting Standards Board (GASB) currently has three published statements (25, 26 and 27) pertaining to the financial accounting and reporting of Pension Benefits, and two published statements (43 and 45) pertaining to the financial accounting and reporting of Other Post-Employment Benefits (OPEBs). The application of all of these statements requires a valuation of the benefits by a qualified actuary.
Most governmental employers in Oregon get the Statement, 25, 26 and 27 reporting information they need through their participation in OPERS. However, with the new applicability of Statements 43 and 45, these employers must take action in forming teams (including an actuary) to address the financial reporting of OPEBs.
Further, nearly every governmental employer in Oregon will have OPEBs to value and report. Oregon Statute (ORS 243) requires that employers provide continuation of medical coverage to employees who retire with eligibility for OPERS benefits at the same premium rates as charged to participants on COBRA. Statements 43 and 45 say that the availability of this coverage (even if the premium is entirely retiree paid) is an OPEB that must be valued.
We are well situated to help employers with their GASB reporting needs. Our consultants can:
- Help employers determine which benefits they provide should be valued under Statements 25, 26, 27, 43 and 45
- Value pension and OPEB benefits, and prepare exhibits to be disclosed on an employer’s financial statements
- Provide consulting advice pertaining to the “pre-funding” of OPEBs through a qualified trust
- Assist with plan re-design studies and provide support for bargaining with employee groups
Contact us today for a free quote if your county or district requires reporting under GASB 43 or 45, or to speak to a qualified GASB expert to discuss wheather or not your county or district needs to report under GASB statement 43 or 45.