GASB 45 OPEB
OPEB stands for Other Post-Employment Benefits.
Employees of state and local governments, including public school districts, public universities and other governmental entities, may be compensated in a variety of forms in exchange for their services. In addition to a salary, many employees earn benefits over their years of employment that will not be received until after their employment ends through retirement or other reason for separation.
The most common type of post employment benefit is a pension. As the name suggests, other post-employment benefits (OPEBs) are post employment benefits other than pensions. OPEB generally takes the form of health insurance, dental, vision, prescription drug, or other health care benefits. It can also include life insurance and other benefits.
GASB 45 OPEB Reviews
The Governmental Accounting Standards Board (GASB) in 2006 issued Statement No. 45, which requires public-sector entities to account for the promise to provide other post-employment benefits (OPEB) over the working life of the employee rather than on a pay-as-you-go basis, which was common practice before GASB 45.
Contact us for a OPEB review and see if you can benefit from professional accounting services.