Reduce Other Post-Employment Benefits Liability
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Offices of Lance Wallach
with a VEBA
Government and public sector employers have been required to report OPEBs since August 2004 after the issuance of GASB Statement 45.This means that all government employers must now keep their promise of providing retiree benefits.They need to be calculated accurately, accrued during the employee’s years of work with the employer, and recognized as a financial obligation as OPEB costs.  These costs are to be reported on financial statements of large public sector employers beginning with the first financial report period after December 15, 2006, and on small employers beginning in 2008.The intent of GASB 45 was to bring government and public accounting standards into line with private company standards.This requires reporting pensions as well as non-pension post-employment benefits.  As the name states,OPEBs are benefits other than pensions.Many state and local governments, public schools, public universities and other public and government agencies provide post-employment benefits
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