Overview

GASB 45 is an accounting rule that requires public agencies to report their costs and obligations for post-employment health care and other post-employment benefits (called “OPEBs”) on their financial statements.

The California School Boards Association GASB 45 Solutions Program provides comprehensive solutions for GASB 45 challenges posed to your public agency, including finding qualified actuaries and recommending funding approaches. Servicing public agencies since 2004, our customized solutions ensure compliance with GASB 45, and are delivered through a team of experts that include:

• U.S. Bank as trustee. As the fifth largest bank in the United States and the 10th largest financial institution in the world, U.S. Bank assets of $330 billion and is recognized as one of the nation’s strongest financially performing banks.
• Piper Jaffray and Public Agency Retirement Services as consultants and liaisons to the program, and are your central point of contact for all program services.
• Public Agency Retirement Services as the trust administrator. Public Agency Retirement Services has three decades of experience administering multiple employer retirement and postretirement health care trusts for public agencies.
• CSBA as the program administrator to provide oversight to ensure the program operates in the best interests of the program participants.
  

Sample funding strategies

CSBA recommends that boards adopt a written funding strategy for addressing their obligations for other postemployment benefits (OPEBs) and that this statement be incorporated into their management plan for financing OPEB and/or into board policy. (In CSBA's Policy Update Service, long-term fiscal obligations are addressed in Board Policy 3100 - Budget as issued in 11/08.)

As a public service to CSBA and California districts, the Independent Actuaries of California have provided ten sample funding statements that provide a framework for district action. IAC assumes no legal responsibility for the use of these statements and encourages districts to consult legal counsel prior to adopting a funding strategy.

View GASB 45 Sample funding strategies.

More information

Implementation dates

GASB 45 Fact Sheet

Winter 2006 Newsletter

Spring 2007 Newsletter

GASB 45 for School Attorneys

LEAs with less than 100 members

If your LEA covers fewer than 100 members (including both employees and retirees) under its post-retirement health insurance program, you may be eligible for a streamlined process that allows you to enter data online and receive an actuarial valuation at a significant savings. Learn more.

Contacts

Program Administrator
3100 Beacon Blvd.
West Sacramento, CA 95691
800.266.3382
Vina Guzman
Marty Tokunaga

Trust Administrator/Program Consultant
Public Agency Retirement Services
800.540.6369
Maureen Toal, ext. 135
Eric O’Leary, ext. 124
Dennis Yu, ext. 104

Program Consultant
Piper Jaffray & Co.
800.876.1854
Mark Farrell

Trustee
U.S. Bank Institutional Trust