GASB 45 & OPEB –> What is GASB 45? — What’s an OPEB? — Case Studies — FAQ’s — Resources — Our Expertise

OPEB stands for Other Post-Employment Benefits.  They are benefits (other than pensions) provided after employment ends.  They include:

  • Retiree health coverage – which usually generates the biggest OPEB costs,
  • Other retiree benefits like dental, vision and life insurance coverage, and
  • Termination benefits that must be used for health coverage (such as payments to a health savings account) – but not those based on unused vacation or sick leave.

The “other” in OPEB means “other than pensions”.  Most pension and severance benefits for government employers are covered under GASB 16, 27 or 47.

© 2011 Northern Consulting Actuaries, Inc. dba Van Iwaarden Associates.

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