Post by Chris_Wendt on Apr 11, 2013 13:36:37 GMT -5
OPEB = Other Post Employment Benefits.
OPEB does NOT include pensions.
OPEB does include school district retiree health care, dental insurance, and Medicare Part B reimbursement.
OPEB is state-mandated (up to a point), and OPEB costs are required to be recognized and accounted for on the Financial Statements of the school district.
The State prohibits school districts from establishing reserve accounts to fund OPEB liability, and requires school boards to use a pay-as-you-go policy for OPEB costs.
So, what is the big deal?
The current Net OPEB Obligation (NOO) for Wantagh is over $20 Million, and the Unfunded Actuarial Accrued Liability (UAAL) for OPEB is more than $80 Million, larger than the entire school budget!
Read more about this topic on Wantagh-Seaford Patch (hyperlink to Blog).
Regards,
Chris Wendt
OPEB does NOT include pensions.
OPEB does include school district retiree health care, dental insurance, and Medicare Part B reimbursement.
OPEB is state-mandated (up to a point), and OPEB costs are required to be recognized and accounted for on the Financial Statements of the school district.
The State prohibits school districts from establishing reserve accounts to fund OPEB liability, and requires school boards to use a pay-as-you-go policy for OPEB costs.
So, what is the big deal?
The current Net OPEB Obligation (NOO) for Wantagh is over $20 Million, and the Unfunded Actuarial Accrued Liability (UAAL) for OPEB is more than $80 Million, larger than the entire school budget!
Read more about this topic on Wantagh-Seaford Patch (hyperlink to Blog).
Regards,
Chris Wendt