How should governments participating in defined benefit plans account for OPEB?
In general, governments should account for and report the annual cost of OPEB and the outstanding obligations and commitments related to OPEB in the same manner as they currently do for pensions. These amounts should be produced by actuarial valuations performed in accordance with parameters established by GASB. The valuations should be conducted at least every two years for plans that administer OPEB for 200 or more plan members (both active employees and retirees) or at least every three years for plans with fewer than 200 plan members. Generally, actuarial valuations should follow accepted actuarial practices as set forth by the Actuarial Standards Board.
