OPEB - Private Sector

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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

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…

Image of Bagg Hall building in Princeton, Massachusetts

Actuarial Reports on 'real' liability of town

By Parker Elmore | May 2, 2017

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…

OPEB/GASB 75 Lunch & Learn

By Parker Elmore | May 2, 2017

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…

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

By Parker Elmore | February 7, 2017

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…

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

By Parker Elmore | November 8, 2016

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…

2017 social security wage base of $127,200 announced

By Parker Elmore | October 26, 2016

A 7.3% increase in the Wagebase for 2017 The Social Security Administration has just announced 2017 changes to benefits & taxes. While Social Security recipients will see a 0.3% increase in benefits in 2017, wage earners will see the income subject to Social Security tax increase from $118,500 to $127,200 or a 7.3% increase. Why…