Gasb 45 actuarial valuation as of july 1, 2014 the state of louisiana postretirement benefit plan for the office of group benefits. These changes should provide users of governmental financial statements a more comprehensive measure of the costs associated with providing opeb and the resources. Development of opeb cost and net opeb obligation noo. Upon early adoption during fiscal year 2017, the next valuation would be needed for the fiscal year ending in 2019. The annual opeb cost is the expense for financial reporting. Hawaii employerunion health benefits trust fund retiree health care plan section a 3 this report provides the minimum opeb trust contributions required to satisfy the funding requirements of act 268 by the participating employers. However, certain aspects of the opeb valuation process require the use of assumptions that are unique to opeb. This report was based on the census data provided by office of the treasurer, the financial infromation prepared by office of the treasurer, and the terms of the plan. Enclosed are original bound copies of thereport on the actuarial valuation of other post employment benefits of the virginia retirement system prepared as of june 30, 2015. State of california retiree health benefits program.
Calculation of amount that gatra needs to contribute each year to the opeb trust fund in order to fully fund the estimated obligations. The method used in this valuation is the projected unit credit method. Opeb reports state health benefit plan division of. The purpose of this report is to present the actuarial valuation of the santa barbara county. State of connecticut state employee opeb plan seopebp. A comparison with the june 30, opeb actuarial valuation results is also provided. Request for proposals rfp post employment benefits. Project expected payouts for the next 10 years calculate the present value of benefits. Opeb information will continue to be reported in the notes to the aud. For information on the june 30, 2014 opeb actuarial valuation, see report on the tenth annual actuarial valuation of other postemployment benefits provided under the new york city health benefits program, dated september 17, 2015 tenth annual opeb report. Hca contracted with milliman to prepare the healthcare assumptions for this valuation. The department understands that some units may not be required to complete a valuation annually or that a valuation for 2015 may not be completed before the march 1 deadline. The following report june 30, 2016 contains our findings and disclosures required by the governmental accounting standards board gasb standards, as well as commentary about gasb standards.
It contains the actuarial information that will need to be disclosed in order to comply with gasb 75. The prior year liabilities in this report are based on this valuation rolled back to june 30, 2016 measurement date. Our valuation report provides further detail regarding the valuation results and describes the models and actuarial assumptions used to determine the valuation results. This report was prepared at the request of the board and is intended for use by the board and those designated or approved by the board. This amount is developed based on a rollforward of the prior 2014 valuation results. State of hawaii retiree health care plan section a 3 this report provides the minimum opeb trust contribution required to satisfy the funding requirements of act 268. Committee on actuarial valuation of retired employees. Enclosed are original bound copies of the report on the actuarial valuation of other postemployment benefits of the virginia retirement system prepared as of june 30, 2017. Police department pension report pdf public works pension report pdf opeb pension report pdf 2018 opeb pension contributions arc pdf 20 pension and opeb valuation reports. Gasb 45 actuarial valuation of postemployment benefits. Even those not contracted with calpers health benefits can prefund future retiree benefits such as health, vision, dental, and life insurance.
This report is for the use of the state of delaware and its auditors in preparing financial reports in accordance with applicable law and accounting requirements. This report documents the results of the actuarial valuation for the fiscal year ending june 30, 2018 of the state of oklahomas other postemployment benefits. Hampton roads sanitation district postemployment medical. The valuation is based on participant data and plan provisions as of july 1, 2018, provided by the county. The following are sample withdrawal rates based on age and years. This report includes opeb financial reporting information determined under governmental accounting. Accounting standards board statement 75 gasb 75 including any guidance or interpretations provided. See our july 2018 accounting bulletin, accounting and financial reporting for other postemployment benefits as required by gasb statement 75. As an entity that qualifies to use the alternative measurement method amm, the calculation of your total opeb liability and adc may be completed without a full actuarial valuation. Opeb benefits typically include postretirement health care benefits, life insurance, and disability and longterm care provided to past, current, and future employees of a government. The actuarial valuation as of june 30, 2017, will also be used as the basis to develop the total opeb obligation as of june 30, 2019, for purposes of gasb statement no.
State of connecticut state employee opeb plan ct state. Gasb 45 actuarial valuation as of july 1, 2014 the state of. The state should report the opeb expense for the year equal to the annual opeb cost. City of moreno valley 14177 frederick street moreno valley, california 92553 re. California employers retiree benefit trust cerbt fund. This report presents the results of our actuarial valuation of the north carolina state opeb plan measured as of june 30, 2018, required by governmental accounting standards board gasb statement no. Opeb valuation reports georgia state financing and. Actuarial valuation of the post retirement benefits plan of the city of somerville november 2016. Gasb 7475 opeb timing requirements for employers requirements. The net opeb liability and annual opeb expense in this valuation are calculated using a june 30, 2017 measurement date, to be used for reporting as of june 30, 2018 under statement 75.
Attached is our actuarial valuation of the other postemployment benefits opeb provided under the texas employees group benefits program gbp administered by the employees retirement system of texas ers for the fiscal year ending august 31, 2019 gbp opeb. Introduction this report documents the results of the actuarial valuation for the measurement period ending june 30, 2018 of the commonwealth of virginia state health benefits program for premedicare retirees. At your request, we completed an actuarial valuation of the retiree health and welfare benefits as of. Gasb 45 actuarial valuation of postemployment benefits as of january 1, 2014 at the request of trimet, we have completed an actuarial valuation of trimet s postemployment benefits as of january 1, 2014. The valuation results summarized in the attached spreadsheet involve calculations that require assumptions about future economic and demographic events. We are pleased to submit this governmental accounting standards board gasb statement no. Whether for the type of benefit plan being valued for example, certain dental plans. Renewal valuation checklist please email a copy of your agencys. The major findings of the valuation are contained in this report.
Section 115 trust adopts the public agency postretirement health care plan trust. The purpose of this report is to present the annual postemployment benefits opeb actuarial valuation of the state of delaware. This valuation report may not otherwise be copied or reproduced in any form without. The information provided in the opeb valuation or amm report is essential to the accuracy of the administration and reporting of the cerbt fund. Postemployment benefits opeb actuarial valuation as of. Gasb opeb actuarial valuation reports california society of cpas. Section 1 is meant to give a high level of summary of the opeb valuation. The information provided in this report is intended strictly for documenting.
Principal and consulting actuary principal and consulting actuary. Section 5 summarizes the valuation data, section 6 the plan provisions, and section 7 the actuarial methods and assumptions. The report provides a summary of the annual opeb cost, or accounting cost determined. Enclosed please find five copies of the july 1, 20 gasb statement no. City of moreno valley gasb 75 opeb valuation report as of june 30, 2017 dear ms. Opeb valuation process require the use of assumptions that are unique to opeb. The opeb demographic and economic assumptions are based on the results of our 2010 opeb investigation of experience, dated january 28, 2011. Principal and consulting actuary chief health actuary. This report has been prepared for hrsd for the purposes of determining the fye. Enclosed are original bound copies of the report on the actuarial valuation of other post employment benefits of the virginia retirement system prepared as of june 30, 2015. County other postemployment benefits opeb program, or the opeb program. This report documents the results of the actuarial valuation for the fiscal year ending june 30, 2019 of the postemployment benefits other than pensions for the commonwealth of massachusetts.
Sincerely yours, alisa bennett, fsa, ea, fca, maaa larry langer, asa, ea, fca, maaa. This report has been prepared at the request of nmrhca board to assist in administering the. The california employers retiree benefit trust cerbt fund is a section 115 trust fund dedicated to prefunding other postemployment benefits opeb for all eligible california public agencies. Executive summary for state of connecticut other postemployment benefits program june 30, 2015 measurement under gasb 43 and 45 3 purpose this report presents the results of our actuarial valuation of the state of connecticut the state opeb plan as of june 30, 2015. The opeb for which the city has financial responsibility are referred to as the opeb plan the plan. Results of study the valuation results are summarized in the following exhibit and compared with the results of the prior valuation. Actuarial valuation hawaii employerunion health benefits trust. Jun 30, 2015 the results of the june 30, 2015 annual actuarial valuation of the rhode island state employees and electing teachers opeb are presented in this report. Docx001z558529 march 10, 2017 i january 26, 2017 montgomery county 101 monroe st rockville, md 20850 this report presents the july 1, 2016 actuarial valuation results for the montgomery county. General observations on gasb 74 actuarial valuations. Conference call meeting of the committee on actuarial valuation of retired employees health benefits opeb to select the actuary for the opeb valuation. Reconciliation of total opeb liability shown below are details regarding the total opeb liability, plan fiduciary net position, and net opeb. Opeb valuation or amm report final version certification of funding policy pages 23, completed and signed summary of actuarial information pages45, completed. The assumptions used in the opeb investigation of experience are derived from a combination of.
The valuation results are developed assuming a discount rate of 4. The state of louisiana postretirement benefit plan provides medical, prescription drug and life insurance benefits to retirees, disabled retirees, and their eligible dependents. This report reflects the benefit provisions in effect as of july 1, 201and the retiree health plan premium rates in effect as of july 1, 2018, 8. Net opeb liability nol measured as of june 30, 2017, to be reported. Report on the ninth annual actuarial valuation of other. Under gasb 45, the discount rate to be used for the valuation is determined based on the long term investment yield on the investments used to finance the payment of benefits.
The plan is a singleemployer plan and does not issue a separate financial statement, since the plan has no assets. The purpose of this report is to determine the annual required contribution and provide. Opeb measurements by agent employers and agent multipleemployer plans, and is effective for fiscal years beginning after june 15, 2017. An actuarys estimate or valuation is the product of many assumptions, based on. Report on the eighth annual actuarial valuation of other postemployment benefits provided under the new y ork city health benefits program, dated september 19, 20 the eighth annual opeb report. This valuation report contains information required by the governmental. The first path is for users that have recently completed an opeb valuation under standard 45 of the government accounting standards board. Florida department of management services workforce operations retirement publications actuarial valuations actuarial valuations using the link below, you can download a copy of the frs actuarial valuation as of july 1, 2019. For public employers whose current valuation cycles call for an opeb actuarial valuation in their first fiscal year after the effective dates, the adoption of the new statements will happen at that time. This report reflects the benefit provisions in effect as of july 1, 2008, and the retiree. Sections 2 4 includes information used to determine the adc. A comparison with the june 30, 2014 opeb actuarial valuation results is also provided. This valuation report may not otherwise be copied or. Ga dch 06302016 report revised for extra people final.
Gasb 45 actuarial valuation as of july 1, 2014 the state. The amm calculation process is similar to an actuarial valuation, but with simplifications of several assumptions. Request for proposals rfp post employment benefits other. Actuarial valuation of other postemployment benefits opeb for fiscal 2018 ramsey county 1 introduction and certification purposes of the valuation this report includes opeb financial reporting information determined under governmental accounting standards board statement nos. Sample report for actuarial valuation silverstone group. Report on the actuarial valuation of other postemployment. Other postemployment benefits opeb are employee benefits other than pensions that are. Hawaii employerunion health benefits trust fund retiree. Actuarial valuation of other postemployment benefits opeb under. State of connecticut other postemployment benefits program. This report reflects the valuation of two distinct types of opeb liability. State retiree health care liabilities the pew charitable trusts.
While not verifying the data at source, the actuary performed tests for consistency and reasonability. Total opeb liability equals the employers share of the actuarial present value of projected benefit payments attributed to past periods of employee service. Massachusetts, for example, pays 80 percent of the health premium for those. Gasb 75, paragraph 28 gasb 75, paragraph 59 the total opeb liability should be determined by a an actuarial valuation as of the measurement date or b the use of update procedures to roll forward to the measurement date amounts. The report summarizes the actuarial data used in the valuation, disclosures the net opeb liability nol as of june 30, 2017, and analyzes the preceding years experience. Additionally, local governments must report opeb expense and deferred inflowsoutflows of resources as applicable. The plan is a singleemployer plan and does not issue a separate financial statement. Tom vicente is the principal author of this report and is responsible for its content. Gasb 45 actuarial valuation at 7120 of the state of. Annual other postemployment benefits opeb cost the arc plus the amortization of the net opeb obligation noo, see below. Actuarial valuation of other postemployment benefits opeb. Cavanaugh macdonald consulting, llc cmc is submitting the results of the annual actuarial valuation of the opeb plans of vrs prepared as of june 30, 2016.
Submitted in this report are the results of our actuarial valuation as of june 30, 2018, of the liabilities associated with other postemployment benefits opeb, including retiree healthcare benefits, provided to statewide employees through the programs sponsored by the state of california as administered by the. This valuation has been conducted in accordance with generally accepted actuarial principles and. The report provides a summary of the annual opeb cost, or accounting cost determined under gasb statement no. The state of louisiana elected to adopt gasb 75 for fiscal year 2018. The annual required contribution arc developed in this report is for the fiscal years ending june 30, 2019 and june 30, 2020. The annual required contributions arc developed in this report are for the fiscal years ending june 30, 201. Net opeb obligation and recognition in financial statements the net opeb obligation. This valuation report contains information that is. Unless noted otherwise, all other assumptions and methods are consistent with the. Current employees, who participate in the health plan while active, are eligible for plan benefits if they. I am a member of the american academy of actuaries, and meet the academys education and experience requirements for preparing this report.