15
Dec
2015

PARS OPEB Trust Program – Fastest Growing in New England

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

Since June, over 35 New England public entities have adopted the PARS OPEB Trust Program to efficiently prefund their retiree healthcare benefits. They join approximately 200 agencies nationwide with over $1 billion in trust assets that make up one of the largest OPEB trust programs in the country.

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03
Dec
2015

Boston’s Retiree Health Care a Budget Buster

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

Boston has promised to pay most of the health care premiums for its employees after they retire, resulting in an unfunded liability for retiree health care in 2013 of over $2 billion. This equated to a liability of over $3,000 per city resident — the fifth highest per capita of large American cities. Included are some reforms that Boston together with the Massachusetts Legislature should seriously consider adopting.

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01
Dec
2015

CalPERS votes on more-stable, less-lucrative investments over Gov. Jerry Brown’s objections

Categories: California Developments,Pension Rate Stabilization

The board that oversees the nation’s largest public pension fund voted Wednesday to reduce its investments in risky funds as a cushion against economic downturns, prompting a rebuke from Gov. Jerry Brown, who called the move “irresponsible.” The move by the California Public Employees’ Retirement System will gradually lower the expected rate of return to 6.5 percent, over a 21-year period, from the current 7.5 percent.

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30
Nov
2015

City of Rowlett Joins the PARS OPEB Trust Program

Categories: Hot Sheets,OPEB/GASB 45/75,Texas Developments

When the Governmental Accounting Standards Board (GASB) first released Statement 45 detailing new OPEB accounting standards, the City of Rowlett was one of the many forward-thinking government entities that took notice. Smartly, Rowlett began requesting biennial actuarial reports and placed current OPEB liabilities on their financial reports. After a few report cycles, the data clearly showed steadily rising OPEB costs and liabilities that would need to be addressed.

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21
Nov
2015

GASB 75 – OPEB Liabilities Take Center Stage

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

Recently announced GASB Statement 75 will significantly alter the reporting standards of GASB 45, escalating OPEB liabilities and increasing pressure on public agencies to prefund these obligations. Beginning in 2017, GASB 75 will move accounting for OPEB liabilities from a footnote on financial statements directly to balance sheets and change the way liabilities are calculated.

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