Other Post-Employment Benefits (OPEB)
Retiree Healthcare Plan Actuarial Valuation
Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions. GASB 45 valuations are required at least bi-annually for OPEB plans. As such, the County conducts an actuarial valuation every two years.
Pension Plan Actuarial Valuation
Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, established new financial reporting requirements for employers, and was implemented by the County in fiscal year 2014-15. These requirements include that, for governmental financial reporting purposes, a portion of the total Net Pension Liability be reflected on the employer's balance sheet along with the annual Pension Expense. Note that due to the timing of the issuance of MCERA's actuarial valuation reports, the CAFR uses the preceding year's actuarial report for financial reporting purposes.