OPEB - Private Sector

OPEB 101

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OPEB University

We've put together videos, white papers, and blog posts to help you better understand GASB 74, GASB 75, OPEB and other benefit topics for municipalities.

As Director of Operations at Odyssey Advisors Francis is excited to utilize a decade of industry experience to assist the Odyssey team in developing solutions to client problems in a complete and efficient manner.

Have questions related to OPEB?  I’d be more than happy to explain or clarify anything you are curious about.

- Francis Fraine, Actuarial Consultant

Healthcare in the World of COVID – What Does This Mean For You?

By admin | June 25, 2020

By Sarah F. Rothenberg, ASA, MAAA As we grapple with a global pandemic, the first thought on most people’s minds is probably not “So how much will healthcare rates rise?” While I am sure we all have much larger issues to deal with, this may be a question worth considering. According to a recent study…

Webster Times

Webster, MA – OPEB Audit

By admin | February 11, 2020

Odyssey Advisors was recently featured in Webster Time’s article, “Webster selectmen OK single tax rate”. Odyssey Advisors met with the Board of Selectmen of Webster, MA to discuss the details of their OPEB audit.

GASB 75 – What is OPEB Covered Employee Payroll?

By Parker Elmore | August 8, 2019

So, it’s time for another OPEB valuation under GASB 75 and the actuary is asking for the “covered employee payroll” for the fiscal year or measurement period. While OPEB benefits are rarely impacted by compensation or covered employee payroll, such a figure is a required disclosure item under GASB 75 and hence that’s why you’re…

Legal Marijuana & OPEB in Massachusetts

By Kirby Prigioni | November 17, 2017

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…

GASB 75 Makes the Wall Street Journal

By Kurtis Thompson | October 10, 2017

The Wall Street Journal recently published an article about the impact of GASB 75 on municipal balance sheets . The estimated nationwide impact will be a $645 billion increase in balance sheet liabilities. The increased attention that GASB 75 brings to Other Post-Employment Benefits (“OPEB”) will lead to increased pressure on municipalities across the country to manage OPEB liabilities. The…

OPEB, GASB 74 & GASB 75

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

By Parker Elmore | August 15, 2017

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…

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

By Parker Elmore | August 11, 2017

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…

GE Retiree Health Care Law Suit Dismissed by Judge

By Parker Elmore | June 16, 2017

Pay attention to the language in your employee handbook! In summary judgement this week, US District Judge Lynn Adelman in Milwaukee dismissed a suit filed by General Electric (“GE”) retirees claiming the plaintiffs have “not shown that they were cognizably harmed by GE’s fiduciary conduct with respect to the plans.”. In 2012, GE eliminated its…

Prescription Drugs under Medicare Part D

Medicare Part D – High Cost drugs drive up OPEB costs

By Parker Elmore | May 31, 2017

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…

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

By Parker Elmore | May 26, 2017

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…