Tag Archives: postemployment benefits other than pension

Pension and OPEB underfunded status after Michigan PA 202

The Protecting Local Government Retirement and Benefits Act (the Act) addressed underfunding issues associated with pension plans and retiree medical plans in Michigan that are sponsored by local governments. Prescribed actuarial assumptions used to make calculations have not yet been set. This paper by Milliman consultants Tim Herman and Jack Chmielewski aims to help stakeholders of Michigan’s many local government pension and other post-employment benefit programs develop informed expectations around the range of outcomes that could result from the state treasurer’s decisions about actuarial assumptions as they relate to the Act.

GASB 74/75: OPEB expense and balance sheet items

New accounting rules in the United States for postemployment benefits other than pension (OPEB), first implemented in 2016, are now in effect. Successful implementation of the new rules will require an understanding of a variety of technical concepts regarding the newly required calculations.

This article by Milliman actuary Rebecca Ross explores OPEB expenses and balance sheet items. Rebecca discusses the new requirements for disclosing OPEB expense and the effect these changes will have on plan and employer financial statements.

This article is part of the Governmental Accounting Standards Board Statement 74 and 75 miniseries.