GASB-75 Service
The GASB-75 (formerly known as GASB-45) service provides coordination between a school district and a third party actuary to ensure the district’s compliance with the Governmental Accounting Standards Board (GASB) Statement #75. GASB-75 requires that public entities (including school districts) account for and report their actuarially-determined liabilities for Other Postemployment Benefits (OPEB), similar to the way they report pension liabilities. OPEB are employee benefits, other than pensions, that are received after employment ends. OPEB may include healthcare and life insurance benefits, if provided separately from a pension plan.
Erie 1 BOCES currently works with two actuarial firms to assist school districts in meeting their GASB-75 financial reporting obligations. After consulting with the school district's auditor, the district will select the actuarial firm that best meets its needs. Costs for the GASB-75 service vary depending upon district needs, including whether a full or partial actuarial valuation is required and the number of participants in the school district's plan.
The district will provide Erie 1 BOCES F&L staff with current contact information (the full names and titles, telephone numbers and e-mail addresses) of designated district officials who should receive information on behalf of the district from Erie 1 BOCES in connection with this service.
Detailed descriptions of the responsibilities of participating school districts, Erie 1 BOCES staff, and third party/actuaries, will be determined based on the service plan developed to meet the district’s GASB-75 compliance needs.