The Other Shoe Has Dropped: How the New GASB OPEB Statement Will Affect Public Employer Retiree Health Benefit Design

The new Governmental Accounting Standards Board (GASB) statement changes the Other Post employment Benefits (OPEB) accounting requirements for governmental entities. In addition, it requires them to include the full liability for retiree health benefits directly in their financial statements.

This change in accounting policy will have significant impacts on how a governmental entity presents its fiscal profile and also is likely to drive major changes in retiree benefit promises to public employees. As such, now is the time to reassess retiree health strategy.

This expert webinar explored both the immediate and longer-term impact of these changes on retiree health strategy, including:

  • Health benefit programs and plans available to Medicare-eligible and pre-65 retirees through the Affordable Care Act (ACA) state exchanges and private exchanges as well as those available through employer sponsored programs
  • How moving retirees to Medicare Advantage may help or hurt the overall program
  • What public employers need to consider when changing retiree benefits
  • How to work with your financial managers to balance plan design, cost and liability
  • Developing and implementing a new retiree health strategy
  • Examples of states and local jurisdictions that have begun to address the changes

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Mary Kirby

Mary Kirby

SVP, Consulting Actuary and Regional Health Practice Leader

Stuart Wohl

Stuart Wohl

SVP, Senior Benefits Consultant and Regional Health Practice Leader