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 supplimentary 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’s workshop will explain the new requirements and discuss the available resources that can halp public agencies manage their OPEB obligations. We encourage Town Managers/Administrators, Select Boards, Mayors, City Council Members, Town Accountants, Treasurers, Finance Committees, School Committees, and other public officials to attend.

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.

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 v. prefunding agencies
  • Highlights of the Western Massachusetts OPEB Trust program
  • Q & A

Please register by Friday, January 11th.

The Western Massachusetts OPEB Trust program (WMOT) 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 Agency Retirement Services (PARS), in conjunction with Vanguard and U.S. Bank, the trust serves over 280 local government agencies with $1.9+ billion in assets.