Other Post-Employment Benefits (OPEB)

Other post-employment benefits (OPEB) refers to the benefits, other than pensions, that a state or local government employee receives as part of his or her package of retirement benefits. Typically retiree medical insurance is the most significant OPEB offering, though other benefits such as life insurance are also covered by this umbrella term.



 

GASB Statements No. 74 and 75

In June 2015 GASB approved two new statements applicable to OPEB plans and participating governments. Statements No. 74 and 75 will replace No. 43 and 45 and make changes to the financial reporting framework for OPEB plans, including the reporting of a net OPEB liability (or a proportionate share of the net OPEB liability, if a sponsoring government). The new statements also require more extensive disclosures and required supplementary information including reporting the effects of changes in assumptions on the net OPEB liability and a schedule of a government's OPEB contributions compared to the contributions required.
 

• Statement No. 74 applies to OPEB plans that administer benefits on behalf of participating governments. It takes effect for financial statements with fiscal years beginning after June 15, 2016.

  • Summary of Statement No. 74

• Statement No. 75 applies to governments who participate in OPEB plans. It takes effect for fiscal years beginning after June 15, 2017. 
  

  • ​Summary of Statement No. 75

• GASB OPEB Implementation Guide

 Additional resources:

• GASB 75: Proportionate Share Allocations for Cost-sharing Employers, Milliman

• Why Do We Need A New Standard on OPEB?

• GASB OPEB Q&A