July 11, 2016
A large majority of state, county and city HR leaders are aware of and concerned about the new Governmental Accounting Standards Board (GASB) accounting changes for public sector retiree health insurance and other postemployment benefits (OPEB). Concern about the new OPEB accounting requirements is warranted because financing large and likely growing liabilities will have implications for the budgeting of most jurisdictions. The State and Local Government Benefits Association, the Public Sector HealthCare Roundtable and Segal Consulting recently collaborated on a Public Sector Retiree Health Survey. The survey sought to gauge awareness of the GASB’s OPEB accounting changes and to find out what actions have been taken or are being considered to manage OPEB liabilities. Despite high awareness of the GASB’s OPEB accounting changes by the public sector HR leaders surveyed, relatively few jurisdictions have taken action to mitigate the impact of the accounting changes.
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