GASB 45 Solutions
The GASB 45 standard is a new accounting standard that requires governments to measure Other Post Employment Benefits – usually post retirement health insurance- (OPEB) on an accrual basis. Most governments have never measured these liabilities on a long-term basis. For many, this is their first experience dealing with an actuary.
Bolton Partners has performed GASB 45 actuarial valuations for over 80 government entities in five states, ranging from smaller entities with a few hundred participants to larger counties with over 25,000 participants. The Bolton OPEB team is a multi practice team; our benefit consultants work closely with actuaries to determine OPEB liabilities. Our benefit consultants thoroughly understand the underlying benefits and are experts in clearly communicating benefit related issues to employees and government staff. Our actuaries have years of experience in developing actuarial models, with realistic and defensible assumptions to measure long-term liabilities. We have also presented the results of our valuations at City Council and School Board Meetings and to senior government officials in a clear and understandable manner.
Once we have determined the initial actuarial valuation, what can be done about these results? We have assisted many governments in examining ways that they could amend their programs to make them more affordable in the short and long term.
GASB 45 is a new accounting standard and presents many new issues. To assist governments in dealing with the new standard, Bolton Partners has prepared a series of 15 newsletters. In addition our consultants are thought leaders, and have spoken at several actuarial and government conferences on the new standard, and have published several articles on GASB 45 topics in actuarial journals.