New Retirement Benefit Obligation Impacting OR Public Employers
Recent changes in actuarial standards are going to result in significant new benefit obligations for hundreds of Oregon public employers, beginning with 2016 fiscal year end reporting. Known as an “implicit rate subsidy”, this is a benefit that all Oregon public employers are required by law to provide, but that many have been exempt from reporting due to a disappearing loophole.
On Thursday, May 21st, 2015, Steve Diess hosted an interactive session in which he discussed:
- What the implicit rate subsidy is
- How some clients have avoided reporting an obligation in the past
- How this change in standards impacts clients
- What clients can do to prepare for this change
To view the presentation materials, scroll through the slides below:
For more technical information related to this presentation, you can view GASB Statement 45 by clicking here and ASOP No. 6 by clicking here.
Presenter- Steven L. Diess, EA, MAAA. Steve is President and co-owner of Independent Actuaries, Inc. (IAI), the largest independently owned actuarial consulting firm in the Pacific NW. IAI provides retirement plan valuation and consulting services to hundreds of clients, including over 60 public employers in Oregon.
