Complex Problems. Simplified Solutions.

Category: Municipal

Legal Marijuana & OPEB in Massachusetts

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Legal retail sale of marijuana in Massachusetts is fast approaching and many towns are reviewing whether or not to have a local store. Regardless of your personal views on the legalization, this presents a unique opportunity to help with your OPEB costs. In addition to the sales and state excise taxes, cities and towns will […]

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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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07 Feb

GASB 75 – GASB’s explanation for how & why the new OPEB Statement was developed

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GASB explains why they adopted GASB 75 and the reasoning behind certain choices As you’re likely aware by now, the Governmental Accounting Standards Board (“GASB”) issued GASB 75 “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions” in June 2015. This Statement will replace GASB 45 for fiscal years beginning after June 15, 2017.  GASB […]

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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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Your pension plan will be more expensive than you think

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Returns on public sector pension plans reach a record low As the sponsor or contributing member of a public sector pension plan, you’re aware that investment returns have been lagging the assumed rate of return over the last few years. This, along with increased longevity of your retirees, is increasing plan liabilities & required contributions. […]

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