retiree medical Archives - Via Actuarial Solutions

June 3, 2015 by Mark Schulte Tagged accounting, gasb45, gasb74, gasb75, OPEB, public pensions, retiree medicalLeave a comment

First pensions, now OPEB – New GASB 74 & 75 will transform OPEB reporting

Public sector employers, get ready! The Governmental Accounting Standards Board (GASB) has officially approved new accounting statements for Other Post-Employment Benefit plans (OPEB; retiree medical). Here’s what the recent GASB announcement confirms: Final provisions will closely mirror GASB 67/68 pension accounting. The official statements won’t be released until late June, but last summer’s OPEB exposure […]Read More… from First pensions, now OPEB – New GASB 74 & 75 will transform OPEB reporting

June 18, 2014 by Mark Schulte Tagged FAS 106, GASB 45, OPEB, retiree medical1 Comment

Top 5 Take-Aways from the GASB OPEB Accounting Exposure Draft

Last week the Governmental Accounting Standards Board (GASB) released its long-awaited exposure draft of proposed Other Post-Employment Benefits (OPEB) accounting changes. Although there may be modifications before the rules are finalized, public employers should be aware of the potential consequences. Here’s our list of the top 5 items from the exposure draft: 1. Most of […]Read More… from Top 5 Take-Aways from the GASB OPEB Accounting Exposure Draft

September 11, 2013 by Mark Schulte Tagged accounting, FAS 106, funded status, LDI, nonqualified plans, pension, pension plan, qualified plans, qualified retirement plan, retiree medicalLeave a comment

Pension Discount Rates – September 2013 Preview

After several years of painfully-low pension discount rates, we’ve seen a modest rebound in 2013. Using the Citigroup Pension Liability Index (CPLI) and Citigroup Pension Discount Curve (CPDC) as proxies, pension accounting discount rates are up by about 80 basis points so far this year. This is great news for pension plan sponsors, especially if […]Read More… from Pension Discount Rates – September 2013 Preview

January 25, 2013 by Mark D. Meyer, JD, FSA Tagged GASB 45, OPEB, public pensions, retiree health, retiree medicalLeave a comment

OPEB Investments – The Danger of Playing It Safe

Under GASB 43 and 45, public sector employers are required to account for retiree medical benefits under special rules for Other Post-Employment Benefits (OPEB). Many have chosen to pre-fund these liabilities in a trust similar to a retirement plan trust. At the recent Minnesota School Board Association convention, Van Iwaarden Associates teamed up with an […]Read More… from OPEB Investments – The Danger of Playing It Safe

August 15, 2011 by Mark Schulte Tagged GASB 45, OPEB, public pensions, retiree health, retiree medicalLeave a comment

“Measure It Before You Promise It” for GASB 45 OPEB

Over the past several years, GASB 45 has required public employers to recognize the cost of Other Postemployment Benefits (OPEB: e.g., retiree health insurance, life insurance) while employees are accruing the benefits, not after they retire. For many public entities, the true cost of their healthcare promises has been an eye opener. However, public employers […]Read More… from “Measure It Before You Promise It” for GASB 45 OPEB

July 11, 2011 by Mark Schulte Tagged GASB 45, OPEB, retiree health, retiree medical1 Comment

Top Reasons to Change Your GASB 45 Valuation Schedule

GASB 45 requires a complete actuarial valuation of public retiree health plans to be completed every 2 to 3 years (depending on number of plan members), and sponsors usually don’t look forward to the administrative hassles of their next study. However, there are several situations where a new valuation could be advantageous and, likely, mandatory. […]Read More… from Top Reasons to Change Your GASB 45 Valuation Schedule

April 4, 2011 by Jimvi Tagged Early Retiree Reimbursement Program, early retiree reinsurance program, ERRP, GASB 45, health care reform, OPEB, retiree health, retiree medicalLeave a comment

It’s now or never for ERRP application

We all knew this day would come, and now it’s here. New applications for the Early Retiree Reinsurance Program (ERRP) will be received only until 5 pm on Thursday, May 5th. The last time we blogged about this, the ERRP money was going fast. Now the urgency is clear. So if you’ve been thinking about […]Read More… from It’s now or never for ERRP application

February 9, 2011 by Mark Schulte Tagged FAS 106, GASB 45, OPEB, public pensions, retiree medical1 Comment

Understanding the Leveraging Effect of GASB 45 OPEB Liabilities

As public plan sponsors complete their second (or third) actuarial valuation of GASB 45 liabilities, they may be surprised at the potential volatility of their Actuarial Accrued Liability (AAL). There are various factors that can cause large AAL changes, including adjustments to the plan provisions or switching health insurers. This post focuses on a less […]Read More… from Understanding the Leveraging Effect of GASB 45 OPEB Liabilities

May 13, 2010 by Jimvi Tagged early retiree reinsurance program, ERRP, GASB 45, health care reform, retiree medical4 Comments

Update: the retiree health reinsurance gold rush

Last week, the HHS published an interim final rule for the new Early Retiree Reinsurance Program (should we call it ERRP?). In our first post on this, we noted that a lot was still unknown. There still is, but it’s becoming clearer. The White House fact sheet says “Employers can use the savings to either […]Read More… from Update: the retiree health reinsurance gold rush

April 28, 2010 by Jimvi Tagged Early Retiree Reimbursement Program, early retiree reinsurance program, ERRP, GASB 45, health care reform, OPEB, retiree health, retiree medical6 Comments

The retiree health reinsurance gold rush

There’s an intriguing provision in the new health care reform law for retiree medical plans: 80% reinsurance for each early retiree’s claims between $15,000 and $90,000. The official summary is here. There’s a fixed amount of money available for this, just $5 billion. When it’s gone, it’s gone. And remember that $5 billion doesn’t go […]Read More… from The retiree health reinsurance gold rush

Tag: retiree medical