June, 2014

24
Jun
2014

2014-2015 California State Budget Approved

Categories: California Developments,Legislative Updates

Consistent with the Budget Conference Committee action, but with some important differences from Governor Jerry Brown’s May Revision, the Legislature approved the 2014-15 State Budget on June 15, 2014. Senate Bill (SB) 852 and more than a dozen trailer bills were approved by both houses.

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23
Jun
2014

Pension Funding Should Be a Priority

Categories: California Developments

Funding retirement and OPEB liabilities should be among the State’s highest priorities, according to a recent report by the Legislative Analyst’s Office (LAO) titled Addressing California’s Key Liabilities. The LAO says the State has $340 billion in key liabilities, debt that will impact the State’s future health. Over $200 billion is attributable to retirement benefits.

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17
Jun
2014

Accounting Changes Proposed for State, City Retiree-Benefit Plans

Categories: National Developments,OPEB/GASB 45/75

Cities could be forced to report at least half a trillion dollars of additional costs on their books under proposed rules that would shine a harsher light on the growing expense of retired workers' OPEB benefits. The proposals would require state and local governments to add retiree-benefit promises to their balance sheets.

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11
Jun
2014

Fitch: Focus on OPEB Expected to Increase

Categories: National Developments,New England Developments,OPEB/GASB 45/75

Other post-employment benefit (OPEB) liabilities will receive more focus in light of the expected changes in GASB reporting requirements and the stabilization of other state financial concerns, according to a new Fitch Ratings report. Comparatively high OPEB liabilities are often seen in states that play an above-average role in relation to local government, like Delaware, Hawaii, and Connecticut.

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02
Jun
2014

Why You Can’t Afford NOT to Prefund Your OPEB/GASB 45 Obligations

Categories: Hot Sheets,OPEB/GASB 45/75

When GASB 45 hit right at the start of the budget crisis, most school districts chose to put off funding their OPEB. With the prospect of additional education funding for 2014-15, now is time to strongly consider setting aside dollars for this growing obligation.

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