HCG Municipal Workshop: New OPEB Reporting Standards for Public Agencies

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HCG Municipal Services Workshop

New OPEB Reporting Standards for Public Agencies

A training by Public Agencies Retirement Services (PARS) and Melanson Heath Accountants Auditors

OPEB reporting standards have recently changed under GASB Statement 75. Now public agencies are required to recognize their OPEB liability as a line item on the balance sheet (rather than just a footnote in the financial statement) and provide more note disclosures and required supplementary information.

While this will likely have a significant fiscal impact on many, some of burden can be mitigated by establishing and setting aside funds in a legally compliant OPEB trust.

HCG has secured Kathryn Cannie, Senior Consultant, PARS, and Tanya Campbell, CPA, Principal, Melanson Heath to go over the new requirements and resources available to get agencies up to compliance.

The workshop will be held on Tuesday, December 11th, at 1PM in the historic Courthouse Conference Room, 99 Main Street, Northampton. We encourage all to attend.

The discussion will include:

  • Overview of changes as a result of GASB 75
  • Anticipated impact of GASB 75 on discount rate for pay-as-you-go vs prefunding agencies
  • Highlights of the WMOT program
  • Q&A

The Western Massachusetts OPEB Trust Program is a full-service, low cost, multiple employer OPEB Trust Program available to all public entities in Berkshire, Franklin, Hampden, Hampshire, and Worcester counties. Administered by Public Agencies Retirement Services, in conjunction with Vanguard and U.S. Bank, the trust serves over 280 agencies and over $1.6 billion in assets.

Please register by Wednesday, December 5th.