RESCHEDULED: Updates on 2019 Massachusetts OPEB Requirements

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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 the 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 explain the new requirements and discuss available resources that can help public agencies plan for their OPEB obligation.

The workshop will be held on Tuesday, January 15th, at 1PM in the historic Courthouse Conference Room, 99 Main Street, Northampton. If you are using GPS to find the Courthouse, please include the 01060 zip code.

We encourage Town Managers/Administrators, Boards of Selectmen, Mayors, City Councils, Town Accountants, Treasurers, Finance Committees, School Committees, and other public officials 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 Western Massachusetts OPEB Trust 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.