NCTR Directors Meeting GASB OPEB. June 22, 2007 Ed Macdonald. The GASB Statements. GASB 43 - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. GASB 45 - Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions.
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June 22, 2007
By collecting contributions based on illustrative premium, the true incidence of cost is different, employers are “implicitly” subsidizing the retiree rate (true cost).
Average Pre-65 Retiree cost is $542.
Median Pre-65 Retiree cost is $520.
Average Post-65 Retiree cost is $286.
Median Post-65 Retiree cost is $296.
Average Normal Cost = 8.7% of payroll
Median Normal Cost = 7.4% of payroll
Average Unfunded Accrued Liabilities = 5.0% of payroll
Median Unfunded Accrued Liabilities = 3.6% of payroll
Average ARC = 13.5% of payroll
Median ARC = 11.3% of payroll
Sample Alternate Interest Rate Assumption Results