If your public agency has less than 100 “plan members,” you are eligible for a GASB Statement No. 75 compliant report. A “plan member” is defined as:
- An employee in active service, including employees who have already satisfied the age and/or service requirements to retire with employer-paid benefits, as well as those who have not yet done so, but will do so at some point in the future if their employment continues in its present status
- Terminated employees who have earned the right to future employer-paid benefits, but are not yet receiving them (rare)
- Retired employees and surviving spouses currently receiving benefits. (Covered dependents of living retirees do not count towards the 100 member threshold)
The Governmental Accounting Standards Board (GASB) Statement 75, which replaced Statement 45, became effective for employer fiscal years beginning after June 15, 2017. GASB 75 Actuarial Valuations determine, as of a valuation date, actuarial measurements that assess an employer’s financial liability and annual costs as they pertain to Other Post-Employment Benefits (OPEB). The biennial GASB compliant report and annual disclosure reports will help your agency comply with GASB 74/75. These reports include a reconciliation of the Total OPEB Liability and Plan Fiduciary Net Position, sensitivity on the Net OPEB Liability, schedule of deferred outflows and inflows, and the Net OPEB Expense, along with an Actuarially Determined Contribution (ADC) for those agencies who have established an irrevocable trust.
The Governmental Accounting Standards Board (GASB) Statement 68, that replaced Statements 27 and 50, became effective for employer fiscal years beginning after June 15, 2014. GASB 68 Actuarial Valuations determine, as of a valuation date, actuarial measurements that assess an employer’s financial liability and annual costs as they pertain to employer-sponsored defined benefit pension plans. The biennial valuation and annual disclosure reports will provide liabilities, deferred outflows of resources, deferred inflows of resources, and expenses to comply with GASB 68 requirements.
GASB 68 (Cost-Sharing)
For employers participating in the California State Teachers’ Retirement Systems (CalSTRS) and/or the California Public Employees’ Retirement System (CalPERS), annual GASB 68 Disclosure Reports summarize information available from CalSTRS and CalPERS for purpose of complying with GASB 68 reporting requirements. The annual report will include the plan descriptions, actuarial assumptions, required supplementary information, journal entries, and employer’s proportionate share of the collective net pension liability, fiduciary net position, expenses, and deferred inflows/outflows
For public agencies that meet this criteria, we have designed a unique process that allows you to enter data online and receive a simplified actuarial valuation from DFA Actuaries, LLC, one of our respected and qualified actuaries.
DFA Actuaries, LLC is dedicated to providing designer actuarial and related services to a broad range of clients, with an emphasis on public sector retiree healthcare and pension valuations. They provide tailor-made actuarial services at a competitive price, backed by the experience, focus, and drive to solve the most complex benefits problems.
By teaming up with DFA Actuaries, LLC, we are able to provide the full actuarial valuation for a flat fee of $2,500 and interim year reports for $1,500.
Once your data has been submitted, a CSBA staff member will review it for completeness and then send it to DFA, LLC. DFA will prepare an actuarial valuation and report in compliance with GASB 74 & 75. Once the data is approved by a qualified actuary, the report will be prepared and emailed to you within 8 weeks.
Want to learn more? Contact our Business Development team at (916) 669-3275 or by email.