Posts Tagged ‘GASB 45’

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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Prescription Drugs under Medicare Part D

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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Image of Bagg Hall building in Princeton, Massachusetts

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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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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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 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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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…

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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…

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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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Municipalities should never have to be burdened by the complexities associated with GASB 45. Here is a rundown of some principles to bear in mind. GASB 45 requires governmental organizations to report the long-term liabilities associated with OPEBs being offered to retirees. These do not include pension or deferred compensation plans. GASB 45 focuses on…

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