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Category: GASB 45

15 Aug
OPEB, GASB 74 & GASB 75

What’s the difference between GASB 74 & GASB 75?

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GASB 74 is required for plan level financial reporting while GASB 75 is required for employer or plan sponsor level financial reporting  for municipal entities subject to GASB reporting that offer OPEB (medical, dental & life insurance for former employees & retirees) type benefits. GASB 74 – key issues to consider Are you prefunding your OPEB benefits […]

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11 Aug

How much does a OPEB or GASB 45/75 valuation cost?

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This, of course, is one of the key questions that a Treasurer, Auditor, Accountant or School Business manager has when they begin researching the costs of GASB OPEB compliance. Here at Odyssey Advisors, I get this question hundreds of times each year from entities large & small. We understand. Price, among many factors, matters. Especially […]

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31 May
Prescription Drugs under Medicare Part D

Medicare Part D – High Cost drugs drive up OPEB costs

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So, you’re an employer who generously offers medical benefits to your retirees. If so, you’ve seen prescription drug prices skyrocket over the last several years – increasing by an average of 14% per year from 2011-2015 and continuing through today. Prescription drug spending by retirees enrolled in the Medicare Part D program has been growing […]

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26 May

OPEB / GASB 75 Lunch-n-Learn – the recap

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We had a great “Lunch-n-Learn” session on May 24th with PARS & Vanguard to help demystify the coming changes to OPEB accounting standards for municipal entities as it relates to their retiree medical programs. GASB 74 & GASB 75 represent a significant change from the current standards and we shared the key points about how […]

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02 May

Actuarial Reports on ‘real’ liability of town

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On April 10, 2017, Parker Elmore met with Princeton, MA’s selectmen, advisory committee members, town treasurer, accountant, and Town Administrator, Nina Nazarian to discuss the Town’s OPEB obligations. Among the topics were GASB 45 and the upcoming need to implement GASB 75, OPEB Trusts (to fund or not to fund) and how to manage these long-term […]

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02 May

OPEB/GASB 75 Lunch & Learn

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You’re Invited To A Complimentary Lunch & Learn Seminar When: Wednesday, May 24, 2017 11:30 am – 1:30 pm Where: Sheraton Framingham Hotel & Conference Center 1657 Worcester Road, Framingham, MA 01707 (508) 270-1927 Please join us for a complimentary educational lunch on timely and trending OPEB topics (retiree healthcare liabilities) Complying with New GASB 75 […]

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Changes to MGL Chapter 32B, Section 20 – OPEB Trust rules

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Changes effective November 7th As the sponsor of an OPEB Plan in Massachusetts, you’ve likely either begun pre-funding your liabilities or have considered doing so. The upcoming adoption of GASB 74/75 for your OPEB accounting will put further pressure on entities to consider funding these obligations. As you’re likely aware, the Commonwealth has provided legislation […]

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IRS webinar for the upcoming ACA reporting season – 10/20

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We heard from many of our governmental clients last year that the ACA reporting was complex, time consuming & difficult at best. Apparently, the IRS also heard your concerns and has scheduled a webinar for October 20th to better explain the rules and answers your questions. While we can’t guarantee the value of the information they will […]

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Omnibus spending bill to delay ACA Excise tax by 2 years

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2009 page omnibus spending bill has some good news on healthcare costs Congressional leaders agreed late last night, Tuesday, December 15, on an omnibus spending package for the balance of the 2016 fiscal year. While the 2009 page agreement includes various tax issues important to many employers such as making permanent R&D tax credits & […]

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The Cadillac Tax, your health plan and how it impacts you?

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Over 25% of employers expected to be hit in 2018 As an employer offering health insurance to your employees, I’m sure you’ve heard about the Affordable Care Act (“ACA”) and the upcoming Excise Tax in 2018.  According to a study from the Kaiser Family Foundation, they expect 26% of employers to be subject to the […]

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