GASB 74 and 75
In 2015, GASB released two standards for revised accounting and financial reporting related to postemployment benefits other than pensions:
- Financial Reporting for Postemployment Benefit Plans Other than Pension Plans GASB Statement No. 7: Details standards for the financial statements of plans, such as OPERS, that administer health care (similar to GASB 67 related to pension plans and described further below).
- Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, GASB Statement No. 75: Details standards that apply to state and local governments providing health care through plans such as those administered by OPERS (similar to GASB 68 related to pension plans and described further below). This standard significantly changes financial reporting requirements of the 3,700 employer units participating in the OPERS cost-sharing plan.
Employers requesting additional information regarding the GASB standards should contact employeroutreach@opers.org
Related Documents
- Testimony on GASB’s Other Postemployment Benefits exposure drafts, Sept. 12, 2014
- OPERS Project No. 34-1E OPERS comments letter
GASB 67 and 68
In 2012, the Governmental Accounting Standards Board released two standards for revised accounting and financial reporting related to public pension plans:
- Financial Reporting for Pension Plans, GASB Statement No. 67 (amending GASB statement No. 25): Details standards for the financial statements of plans such as OPERS that administer the benefits.
- Accounting and Financial Reporting for Pensions, GASB Statement No. 68 (amending GASB Statement No. 27): Details standards that apply to state and local governments providing pension benefits through plans such as those administered by OPERS. This standard significantly changes the financial reporting requirements of the 3,700 employer units participating in the OPERS cost-sharing plan.
Employers requesting additional information regarding the GASB standards should contact employeroutreach@opers.org
Related Documents
- Testimony on HCR40 Before the House Committee on Health & Aging by Karen Carraher, Executive Director Ohio Public Employees Retirement System November 26, 2013
- Letter to GASB from OPERS 10/18/2011
- Letters to GASB from NASRA, NCPERS, and NCTR 10/17/2011
- Letter to Director of Research and Technical Activities 10/14/2011
- Letter to Director of Research and Technical Activities 10/11/2011
- OPERS Employer Notice – Sample Letter to GASB 10/03/2011
- OPERS GASB Questionnaire
- Employer Notice Newsletter 09/07/11
- Letter from OPERS’ Executive Director Karen Carraher 8/03/2011
- GASB Presentation For Employers