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OPEB

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Other Post-Employment Benefits

(OPEB)

OPEB Studies

Public Employees Benefits Board (PEBB) Reports

Click on the titles below to open the PDF.

PDF icon 2013 Other Post-Employment Benefits Actuarial Valuation Report [1MB]

   

  

Historical OPEB reports are on the Historical OPEB Reports page.

LEOFF 1 Reports

PDF icon 2011 LEOFF 1 Medical Benefits Study [855KB]

Historical LEOFF 1 Medical Benefits Studies are on the Historical OPEB Reports page.

 

Please note that PDF files are best viewed using Adobe Reader’s latest version. Click on the icon below to access free updates.

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OPEB Calculation Tool

NOTE:  Please read the Instructions document first.  When accessing the tools, please download them to your computer.

The new version 5.0 tools and instructions are posted below.

PDF icon OPEB Calculation Tool Instructions

NOTE: The Excel tools require version 2010. 

Excel Workbook icon LEOFF 1 GASB 45 Tool

Excel Workbook icon PEBB GASB 45 Tool

 

Changes in OPEB Reporting

Financial reporting requirements in Governmental Accounting Standards Board (GASB) Statement 45, entitled "Accounting and Financial Reporting by Employers for Post Employment Benefits Other Than Pensions," cause concern for many public entities.  The following Q & A should help the preparers of financial statements for local governments satisfy the new requirements.

 

Frequently Asked OPEB Questions

 

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Does GASB 45 Apply to My Entity?

If your entity does both of the following, GASB 45 applies. Does your entity:

  • Report financial statements using Generally Accepted Accounting Principles (GAAP basis)?

  • Offer Other Post Employment Benefits (OPEB) subsidies?  These could be direct subsidies like paying for health related benefits, insurance, or long-term health care to retirees.  Besides these direct payments to members, grouping retirees and active members together for the purpose of determining premiums qualifies as providing an indirect subsidy.

Examples of entities where GASB 45 may apply – those who:

  • Have LEOFF 1 members.

  • Belong to the state-run Public Employees Benefits Board (PEBB) retiree-medical plan.

 

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How do Entities Determine OPEB Costs?

It depends on how many members your entity’s OPEB plan contains.

If your entity’s OPEB plan has 100 or more members, GASB 45 requires you to have an actuary determine the costs of the plan by performing an actuarial valuation.

If your entity’s OPEB plan has fewer than 100 members, GASB 45 provides TWO options for determining the costs of your plan. You can either have:

  1. An actuary perform an actuarial valuation of the plan.

  2. Do the valuation yourself using simplified assumptions and calculations permitted under GASB's "alternative measurement method."

 

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Can OSA help with my reporting requirements?

Yes.

The Office of the State Actuary (OSA) developed interactive, online tools for use by local governments in Washington State.  We intend for employers who either employ LEOFF 1 members or participate in PEBB to use these tools.

If you employ fewer than 100 members the tools will estimate your results using the alternative measured method. If you have 100 or more members in PEBB, we will manually generate your results from the most recent actuarial valuation.

 

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How Often do OPEB Costs Need to be Determined?

It depends on how many members your entity’s OPEB plan contains.

If your entity’s OPEB plan has 200 or more members, GASB 45 requires you to determine costs at least every two years.

If your entity’s OPEB plan has fewer than 200 members, GASB 45 requires you to determine costs at least every three years.

 

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I Represent a Local Government.  Can we Use the 2011 Actuarial Valuation of LEOFF 1 Medical Benefits Performed by the Office of the State Actuary (OSA) to Report Our LEOFF 1 OPEB Liability?

No.

The OSA LEOFF 1 study reports the state-wide LEOFF 1 OPEB liability.  GASB 45 requires individual entities to report their OPEB liability.  To see how your entity can have these costs calculated see the entry, “How do Entities Determine OPEB Costs?” above.

 

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Who Prepared this Information?

Debra Burleson with the Washington State Auditor’s Office assisted in the preparation of this FAQ.  The Office of the State Actuary provided technical assistance.

If you have other questions about reporting under GASB please use the email addresses below.

Office of the State Actuary at

Debra Burleson at

 

Last Reviewed:3/18/2014
Last Updated:5/5/2014

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