who we arewhat we dowho we work with

 


 
 
 
Benefits Research Group
 
Building Homeowner Power
 
Citizens for Flood Safety
 
Clean Air Cars
 
Family Farm Action
 
Fighting Pension Privatization
 
Handling GASB 43/45 and OPEB
 
Investing for Human Rights
 
Poison PC Update
 
Take Back Campaign
 
Winning Pension Power
 
 
 
 
Handling GASB 43/45 and OPEB
   
New national level accounting rules will change the way government agencies show the long-term liabilities associated with retiree health care and other post-employment benefits on their financial statements. As is often the case in looking at long-term costs, the numbers will be very high. The Legislative Analysts Office (LAO) did a quick guess of the State of California’s long-term liabilities for health care and other post-employment benefits (hence the acronym OPEB), and found them to be in the range of $40 to $90 billion. Some experts estimate that the cumulative long-term liabilities for the state’s more than 5,000 public sector employers could be well more than twice the higher figure.

In the past, some of these retiree liabilities have been treated as current expenses on budgets. Disclosure of these new long-term and large dollar amounts on balance sheets will prompt employers to actions intended to reduce those liabilities and/or set aside assets to meet their commitments. The consequences of those actions will most likely be covered by provisions of collective bargaining agreements or employment law that will require employers to bargain. This manual helps public employees to prepare for this new situation.

 

 

1  |  2   | 3 Previous Page

 

[ WHO WE ARE ]    [ WHAT WE DO ]    [ WHO WE WORK WITH ]    [ CONTACT US ]   [ HOME ]