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In 2015, the Governmental Accounting Standards Board (GASB) released new accounting standards for public sector postretirement benefit programs and the employers that sponsor them. GASB 75 reflects an overhaul in the standards for accounting and financial reporting for postemployment benefits other than pensions (OPEB).
Milliman consultants can provide advice and guidance on GASB 75, which will replace GASB 45 and become effective for employer fiscal years beginning after June 15, 2017. GASB 75 requires the disclosure of more information in the financial statements than GASB 45. More frequent valuations are encouraged and biennial valuations are now required (GASB 45 only required triennial valuations for plans with fewer than 200 members).
The reporting requirements of GASB 75 are generally more extensive than those under GASB 45. The changes for GASB 75 are designed to standardize the way OPEB expense is calculated and displayed in order to have consistency and comparability between reporting entities. Milliman can help governments of all sizes better understand the new and more stringent requirements of GASB 75.
The most significant impact of the new standards is the change from reporting the unfunded actuarial accrued liability for the plan in the notes of the financial statements to recognizing the unfunded actuarial accrued liability on the balance sheet of individual employers.
Other key changes regarding GASB 75 include:
The table below shows some of the key differences between GASB 45 and GASB 75.
For plans with fewer than 100 plan members, most public employers can either use a traditional actuarial valuation or the GASB 75 Alternative Measurement Method (AMM). The AMM provides an opportunity for smaller employers to fully comply with statement 75 while saving time and money.
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