How Often Should You Do an OPEB Valuation?
- GASB Statement 75 requires state and local governments that sponsor an Other Post Employment Benefits (OPEB) Plan to complete an OPEB valuation every two years.
If you’re reading this, I bet you have the exciting task of managing your town or city’s Other Post Employment Benefits (OPEB) Plan. Right now, you’re probably wondering how often you need to have an OPEB valuation done.
According to the Government Accounting Standards Board (GASB) Statement 75, full OPEB (Other Post-Employment Benefits) valuations need to occur at least every two years. For those with under 100 employees, it is a notable change from Statement 45 (which became obsolete for fiscal years beginning after June 15, 2017), where valuations occurred every three years.
Most actuarial valuations for your GASB 75 OPEB plan will include a first-year full valuation and a second-year “roll-forward,” or interim valuation. Additionally, if you are pre-funding your plan, a GASB 74 interim valuation will include your year-end asset value for your OPEB trust, as well as your yearly contribution(s). Your auditor will need to include these numbers on the 10-year Schedule of Change on your Financial Statement.
If you would like to get a free quote on Odyssey’s valuation and reporting services, you can reach out to us directly here. We provide upfront pricing for both years of your GASB 74/75 valuation with no additional or hidden fees.