GASB OPEB standards
Unfunded OPEB liabilities have become a critical focus for government sector employers under GASB 75. At Hogue & Associates, we specialize in helping state and local government agencies navigate these challenges by identifying strategies to reduce OPEB liabilities while maintaining valuable retiree benefits. Whether you need guidance on a specific technical issue or a second opinion on any OPEB matter, our team is here to assist.
Employers frequently ask us pressing questions like:
- How can we minimize OPEB liability while preserving retiree benefits?
- What approaches are other organizations taking to pre-fund OPEB liabilities?
- To what extent are employers reducing future OPEB commitments?
What is GASB 75?
GASB 75 replaces the previous GASB 45 standard, updating how government employers account for other post-employment benefits (OPEB), including retiree healthcare. This standard, issued by the Governmental Accounting Standards Board establishes clear guidelines for recognizing the expenses and liabilities of post-retirement healthcare and other non-pension benefits in financial statements. Under GASB 75, these costs must generally be accrued over the course of an employee’s working lifetime, aligning with their period of service.
While GASB 45 is now superseded, we provide historical reference documents for context. With over 30 years of experience in OPEB healthcare, including specialized GASB 75 actuarial consulting, Hogue & Associates is uniquely positioned to guide organizations through the complexities of compliance and financial planning.
~Additional OPEB Resources ~
For more insights into GASB 75 compliance and OPEB management strategies, explore these trusted sources. If you need tailored guidance, contact us for a consultation.
Government Finance Officers Association (GFOA) – Best Practices for OPEB
Kaiser Family Foundation (KFF) – Healthcare Costs Research
National Association of State Retirement Administrators (NASRA) – OPEB Resources