Developing a timely and comprehensive plan for GASB 75 implementation is critical since many parties have a vested interest in an effective process for adopting the new standard. Unlike previous GASB pension standards, there are several nuances that apply only to OPEB (other post-employment benefits) and require careful consideration early on to ensure an accurate actuarial valuation.
Want to learn more about GASB 75 implementation? In this article, our experts share best practices and practical advice related to:
- Why communication with stakeholders is so critical
- Why updating or developing a comprehensive written plan document is important to prevent possible confusion and to ensure an accurate valuation
- The finer points of GASB 75 and OPEB that impact valuations, including the excise or "Cadillac" tax, cash-in-lieu payments, implicit rate subsidies, and two important actuarial assumptions — opt-in rates and healthcare cost trend rates
- The timing of actuarial valuations