GASB 75– Planning and Valuation: Co-Ser 655
This is a comprehensive service for school districts which provides assistance and coordination with the following:
• Establishes standards for the measurement, recognition, and display of Other Post-Employment Benefits (OPEB) expenses and related liabilities in the financial reports of state and local governmental employers,
• Improves financial reporting of post-employment
benefits through an actuarial valuation,
• Assists public agencies to report their costs and obligations of current/future retired employees,
• Each district must identify and disclose OPEBs as an expense and a liability on its financial statements which will be calculated by a contracted actuarial firm.