OPEB - Public 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

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

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…

Your Pension Plan Will Be More Expensive Than You Think

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.…

GASB 67/68 – Pension disclosures for year-end – Audit complete?

As a cost-sharing employer, did the retirement system provide you the necessary year-end disclosures for GASB 67/68? If your retirement system provided you & your auditors all the necessary disclosures, that’s great and there’s nothing for you to see here.  However, if that’s not your situation and we’re hearing it more than we’d expect,  we have…

Close up of two people sitting at a table reviewing financial documents

GASB 75 – How is Investment Rate of Return Determined?

It’s time to develop an investment policy as you start funding your OPEB obligation. GASB 75 – How do Discount Rates get Calculated? Under GASB 75, the discount rate or investment rate of return will be based on three factors:  Your funding policy – how much you will contribute each year Your investment policy – what…

OPEB Accounting is changing – a chart to show you how

You’ve read our whitepapers (and more to come), but this chart is meant to put the key elements in one place for you to see With the voluminous GASB pronouncements on the new OPEB accounting standards, it’s easy to get confused and wonder what is really changing.  While we’ve produced several whitepapers on the topic…

Omnibus spending bill to delay ACA Excise tax by 2 years

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 &…

GASB 68 – Pension Disclosures for year-end

As a cost-sharing employer, did the retirement system provide you the necessary year-end disclosures for GASB 68? Many housing authorities, utility districts and other smaller members of large retirement systems approach their fiscal year end and face their first time complying with GASB 68 “Accounting & Financial Reporting for Pensions”.  As you’re likely aware, GASB…

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

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…

Introducing GASB 74 & GASB 75

On June 2, 2015, Governmental Accounting Standards Board approved GASB 74 & GASB 75. These two Statements are designed to improve financial accounting and reporting relating to postemployment benefits other than pensions (OPEB). GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. GASB 74 addresses reporting by OPEB plans that…

GASB 45 – upcoming changes

With the upcoming pension accounting changes under GASB 67/68, I wanted to make sure you’re abreast of what’s happening on the OPEB front (GASB 45).  As you may be aware, GASB has been working on an OPEB project since 2011 and issued an exposure draft in May 2014 to harmonize the accounting practices between pension…

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