Tips for Small Employers to Comply With GASB 45

Source: Michael Westover and Joanne Fontana, Employee Benefit News, February 1, 2009

In 2004, the Governmental Accounting Standards Board issued Statement 45, requiring government employers of all sizes to measure and disclose the value of nonpension post-employment benefits. These benefits, sometimes collectively referred to as “other post-employment benefits,” include medical, dental, vision and other benefits provided to both pre-65 and post-65 retirees.

Large government employers already have come to grips with GASB 45 and have started the process to comply with the new reporting requirement. However, smaller public employers (government entities with fewer than 100 plan members) are only beginning to learn what GASB 45 is all about and how it will affect them.

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