How Long Does an OPEB Valuation Take? Your Audit Deadline Guide
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- Most OPEB (other postemployment benefits) valuations take approximately 4-6 weeks after complete data is received. However, timelines can vary based on plan complexity, data quality, and client responsiveness.
- Expedited OPEB valuations may be possible. Odyssey Advisors has completed full valuations in as little as 7-10 days in certain emergency situations, although accelerated timelines aren’t guaranteed.
- Accurate employee and retiree census data, complete OPEB trust information (if applicable), and timely communication are among the biggest factors in keeping your valuation on schedule.
By Stephanie Irvin | Last updated: November 2, 2026 | Reviewed by Parker Elmore, ASA, MAAA, FCA, EA
It’s Monday morning, and an email from your auditor arrives: “Just checking in on the status of your updated OPEB valuation.” Between budget meetings and year-end reconciliations, that valuation hasn’t made it off your to-do list, and your audit deadline is closing in. This guide explains how long an OPEB valuation really takes, what slows it down, and what you can do to speed it up.
How Long Does an OPEB Valuation Typically Take?
Under normal circumstances, an OPEB valuation takes approximately 4–6 weeks once your actuary has complete data. That timeline isn’t set in stone. Odyssey Advisors has completed full valuations in as little as 7–10 days in urgent situations, though plan complexity, available resources, and the information provided all play a role, and faster timelines are never guaranteed.
The biggest obstacle usually isn’t the calculations. It’s the information needed to get started.
| Standard valuation | Expedited valuation | |
|---|---|---|
| Typical timeline | 4–6 weeks after complete data | As little as 7–10 days |
| Best for | A planned audit cycle | An urgent audit deadline |
| Depends on | Plan complexity and data quality | Clean census data, fast client responses, and actuarial capacity |
What Happens During an OPEB Valuation?
Knowing the steps helps you see where time is spent and where you can help.
- Data review. Your actuary reviews the census, plan provisions, premium rates, and trust information you provide.
- Census validation. The actuary checks for gaps, inconsistencies, and records that don’t add up, and sends questions back to you.
- Liability calculation. Once the data is clean, the actuary calculates your OPEB liability and related costs.
- Final report. After reviewing the liabilities and reconciling why they changed from the prior valuation, the actuary issues the final report to explain the results to you, the auditors and various stakeholders.
Steps 1 and 2 are where most delays happen, and they depend heavily on you.
Why Census Data Determines Your OPEB Valuation Timeline
Think of it like building a house. You can hire an experienced contractor and set an ambitious completion date, but if the foundation isn’t ready, everything else has to wait. For an OPEB valuation, your employee and retiree census data is that foundation. It’s the starting point for the calculations that determine your OPEB liability, and when it’s incomplete or inconsistent, your actuary has to stop and ask for clarification.
How you deliver the data matters too. According to Francis Fraine, Actuarial Consultant at Odyssey Advisors, even merged cells in a spreadsheet can slow the process. Census information spread across several files has the same effect, because time spent combining and reformatting data is time not spent moving the valuation forward.
Whenever possible, send one clean, consolidated census file with all the requested information. If you have an OPEB trust, accurate trust statements and asset allocation information are also important pieces of the puzzle.
What If Your Data Isn’t Organized?
Maybe birth dates and hire dates are in one spreadsheet and medical elections are in another. Maybe town employees, school employees, and retirees each have their own file. That’s okay. Odyssey Advisors’ actuaries can combine, organize, and prepare information from your payroll or benefits systems, as long as the necessary data is available.
Just remember that preparation can affect the timeline. In challenging cases, cleaning and reconciling data can take longer than the actuarial calculations themselves. The goal isn’t a perfect spreadsheet. It’s getting the information we need so we can get to work.
That’s why one of the first questions our actuaries ask when someone calls with an urgent deadline isn’t “When do you need the report?” It’s: “How quickly can you get us the census information?”
What Are the Most Common OPEB Valuation Delays?
Even after the data has been sent, a few issues can still slow things down. Our actuaries regularly see these:
- Census discrepancies. An employee record doesn’t add up or a retirement date needs confirmation. One question becomes an email, then another, and a few days pass.
- Unreconciled contributions or trust assets. Contribution dates and amounts can’t be confirmed, or trust assets don’t reconcile to the general ledger. Parts of the report must wait until they do.
- Missing covered employee payroll. It doesn’t affect your calculated OPEB liability, but it’s required for applicable GASB disclosures, so it can hold up the final report.
- Slow or partial responses to actuary questions. Missing financial statements or unconfirmed contribution amounts create bottlenecks. Timely communication matters as much as timely data.
None of these looks significant alone. Against an audit deadline, a few days here and there add up quickly.
Can You Get an OPEB Valuation Before Your Audit Deadline?
Possibly. Start by telling your actuary your deadline, what information you have, and asking what’s realistic. Then focus on what you can control:
- Get your census and trust data together early. Include essential details like dates of birth and hire dates. For an OPEB trust, gather asset allocation information, contribution details, and supporting records. A clean, consolidated file is ideal, but our team can prepare data spread across several reports.
- Keep your team in the loop. HR, finance, and anyone responsible for employee or benefit data should know that quick responses matter.
- Watch your inbox. When your actuary sends questions, respond quickly and address each one. A complete response can save another round of follow-up.
- Be upfront about your deadline. Share when your auditor actually needs the report so your actuary can assess whether the timeline is feasible.
The point isn’t to rush an actuarial valuation. It’s to eliminate avoidable delays so the work can happen efficiently.
“The biggest factor in completing a valuation quickly is having clean census data and a client who’s responsive when questions come up. We’ve completed full valuations in 7–10 days in urgent situations, but the client’s preparation is what makes that possible.”
— Parker Elmore, ASA, MAAA, FCA, EA, Odyssey Advisors
Why Actuarial Experience Speeds Up an OPEB Valuation
Odyssey Advisors completes approximately 500 OPEB valuations each year, so we’ve seen census anomalies, missing contributions, and unexpected healthcare premium increases many times over. Experienced actuaries recognize data problems early and ask the right questions before they become larger issues.
We also regularly work with data from different payroll, HR, and benefits systems. Rather than requiring you to do all the preparation yourself, we can organize the information, identify missing details, and get the data ready, which takes some of the burden off busy finance and HR teams as a deadline approaches.
How to Avoid a Last-Minute OPEB Valuation Next Year
There are plenty of things that can make life as a finance director interesting. If we had to guess, a last-minute OPEB valuation probably isn’t one of them.
While expedited valuations are sometimes possible, a little preparation makes the next audit season far more predictable:
- Maintain accurate census information throughout the year.
- Keep trust records organized.
- Coordinate your valuation schedule with your auditor and actuary.
- Understand when a new actuarial valuation is required versus when an updated measurement or roll-forward is appropriate under GASB 74/75. Our guide on How Often You Should Do an OPEB Valuation explains the difference.
Then the next time your auditor asks about your OPEB valuation, you can answer: “Already taken care of.”
Frequently Asked Questions About OPEB Valuation Timelines
How long does a GASB 75 OPEB valuation typically take?
Most OPEB valuations take approximately 4-6 weeks after the actuary receives complete data. Timelines vary with plan complexity, data quality, and how quickly you respond to questions. Having accurate employee and retiree census information ready at the start is the best way to prevent delays.
Can an OPEB valuation be completed in one or two weeks?
Sometimes. Odyssey Advisors has completed full valuations in as little as 7–10 days in urgent situations. Whether it’s possible depends on plan complexity, the completeness of your data, how responsive you are, and actuarial team capacity. Expedited timelines are not guaranteed, so contact your actuary as early as you can.
What data do I need for an OPEB valuation?
The most important item is employee and retiree census data, including dates of birth, hire dates, and medical coverage elections. Your actuary may also request healthcare premium rates, plan provisions, contribution records, financial statements, covered employee payroll, and OPEB trust asset information. Our OPEB Valuation Checklist has a complete list.
How often is an OPEB valuation required?
GASB 75 generally requires a full actuarial valuation at least every two years, with an updated measurement (a roll-forward) allowed in between. Some plans may qualify for different methods based on size. Your actuary and auditor can confirm the right schedule for your organization.
What is the difference between a full valuation and a roll-forward?
A full valuation recalculates your OPEB liability using new census data and updated assumptions. A roll-forward updates the results of a prior valuation to a new measurement date without collecting new census data. Roll-forwards are typically faster and less expensive, but they can only be used in certain years.
How do I find an actuarial firm that can meet my OPEB audit deadline?
Look for a firm with demonstrated GASB 74/75 experience, clear data requirements, and a willingness to assess an expedited engagement. Odyssey Advisors completes approximately 500 OPEB valuations annually. Contact our actuarial team with your audit deadline and available data to discuss a realistic timeline.
What commonly delays a GASB 75 valuation?
Common delays include incomplete or inconsistently formatted census data, slow or partial responses to actuary questions, unconfirmed contribution dates and amounts, missing financial statements, trust assets that don’t reconcile to the general ledger, and missing covered employee payroll needed for GASB disclosures.
Need an OPEB Valuation Before Your Audit Deadline?
Whether you have months to prepare or your deadline is approaching faster than expected, Odyssey Advisors can help you determine the next steps, even if your data isn’t perfectly organized.
Contact Odyssey Advisors to discuss your GASB 74/75 valuation needs and deadline.
Categories: OPEB
About The Author Stephanie joined the Odyssey Advisor’s team all the way from the Lonestar state in November of 2020. She is versatile in her abilities and has experience in copywriting, photography, and analytics. She helps tell our brand story and convey...
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