GASB 75 OPEB Valuation Service

ISFIS and VIA Actuarial Solutions (formerly Van Iwaarden Associates) partner together to offer GASB 75 OPEB Compliance Service to school districts, cities, counties, and other public agencies in Iowa. Since partnering on these services, we have completed hundreds of OPEB Valuations and have found continued efficiencies resulting in lower prices multiple times, all while continuing to receive testimonials about how much easier school personnel find partnering with us than other providers they have used in the past. For a quote, email us a copy of your most recently completed GASB 75 Valuation Report.

GASB 75 Requirements

The Governmental Accounting Standards Board (GASB) issued Statement 45 in June 2004. GASB 45 was an accounting and financial reporting provision requiring government employers to measure and report liabilities associated with post-employment benefits other than pensions. GASB Statement 75 largely replaced GASB 45 and was first effective for FY 2018 for most public school districts and other government employers. The Statement requires an actuarial “valuation” of your Other Post-Employment Benefits (OPEB), such as retiree medical, drug, dental, vision, life, long-term disability, and long-term care benefits not associated with a pension, to be reported on your Balance Sheet, regardless of whether or not your district funds the liability. 

Government employers required to comply with GASB 75 include public schools, cities, states, and other government entities that offer OPEB and report under GASB. Valuations are required to include both early retirees and medicare retirees (if they are allowed to continue on the employer’s plans). The primary changes from GASB 45 to GASB 75 relate to a requirement for all school districts and public entities to report every other year, a change in the method of calculating a discount rate, and a requirement to include the liability on the entities' combined financial report.

GASB 75 allows for an Alternative Measurement Method (AMM), which is a simplified method of calculating your OPEB Valuation, for entities with fewer than 100 total plan members, when your state does not require you to fund your liability. This AMM Valuation generally requires less effort on behalf of the government entity and the provider, which in turn saves those entities eligible for this method some expense. And unlike some other AMM services where you do all the work, all you have to do is submit your data to us and we do all the work for you.

Compliance Deadlines

The OPEB Valuation is now required every two years. In the "off-year," most auditors require a Roll-Forward report and an adjustment to the OPEB number on your financial statements. 

For most school districts, FY 2024 is the standard valuation year, and FY 2025 is the off-year or "roll forward" report, those school districts are on an alternative schedule.

Number of Members

"Members" include all active employees, terminated employees who have accumulated benefits but are not yet receiving them, retirees currently receiving benefits, surviving spouses (if they are entitled to coverage), and eligible employees not actively participating.

Pre-Funding Benefits

GASB 75 does not require entities to pre-fund but does require these liabilities to be reported in the financial statements. The intent of GASB 75 is to focus increased attention on non-pension retiree benefits and the need to manage these costs intelligently.

About VIA Actuarial Solutions

VIA Actuarial Solutions was founded in 1991 and has grown to be one of the leading independent actuarial firms in the US. They are experts in the design and valuation of OPEB/retiree medical plans, defined benefit pension plans, and defined contribution plans. VIA Actuarial Solutions has been preparing public and private sector pension and OPEB Valuations for more than 30 years with clients including over 500 public sector entities: cities, counties, special districts, school districts, and other public agencies across the country.

Learn more about VIA Actuarial Solutions, along with their team of professionals, credentials, connections, knowledge leadership, and quality assurance.

Getting Started

For districts that have worked with other providers in the past, simply email us a copy of your most recently completed valuation, and we'll send you a pricing quote. If you've worked with ISFIS in the past on GASB 75, just let us know you're ready to get started. If you're not sure which report you need (Standard Year Valuation or Roll Forward Valuation, Full Report, or AMM Report), contact your auditor for assistance.