GASB Actuarial Services
If a school entity has a need, chances are that PSBA has a service, expert or program to meet that need.
The PSBA Insurance Trust has partnered with Willis of Pennsylvania, Inc., to help school districts with retiree benefits accounting legislation.
The issuance of Government Accounting Standards Board Statement No. 45 (GASB No. 45) on Other Post-Employment Benefits (“OPEB”) will cause financial statements for governmental employers, including school districts, to change from cash to an accrual basis for retiree medical programs. This statement is effective for fiscal years beginning:
Earlier implementation is encouraged by the GASB and there are other good reasons for a school district to have a valuation performed earlier than required, including:
The PSBA Insurance Trust’s partnership with Willis of Pennsylvania, Inc., is already helping many school districts with adopting this new accounting standard. To receive more information on GASB 45 and how we can help your district, contact Tony Wright, Director of Employee Benefits Sales (770-2492, ext. 333).