GASB-45 Valuation Services

The Government Accounting Standards Boards (GASB) instigated rule #45 in July 2004 to record government employer obligations for post-employment benefits.

GASB-45 is an accounting and financial reporting provision that requires government employers to measure and report the liabilities associated with other than pension post employment benefits (orOPEB). Reported OPEBs may include post-retirement medical, pharmacy, dental, vision, life, long-term disability and long-term care benefits that are not associated with a pension plan. 

Government employers required to comply with GASB-45 include all states, towns, education boards, water districts, public schools and all other government entities that offer OPEB and report under GASB.

WSWHE BOCES offers school districts assistance in complying with GASB-45 statements. Every two years, a valuation actuarial firm will determine:

1. What the OPEB benefits are, who is eligible for the benefits, and how many employees and retirees are covered.
2. The actuarially determined liability for OPEB benefits and the assets (if any) that are available to offset the liability; also information about the actuarial methods and assumptions that were used to calculate the liability.
3. The portion of the liability that must be reported as an annual accounting expense on the employer’s financial statements, and a cumulative accounting of the extent to which the plan sponsor makes contributions to offset its annual expense.

Every other year, WSWHE BOCES offers a smaller interim valuation service that: 

1. Recognizes the cost of OPEB benefits in the period when services are received.
2. Provides information about the actuarial liabilities for the promised benefits.
3. Provides information for assessing potential demands on future cash flows.

The BOCES GASB-45 Valuation Service is BOCES Aidable. 

Please contact us if you have any questions: