2019 Reports Update

The Governmental Accounting Standards Board (GASB) issued revised regulations which impact all employer groups who are subject to GASB and provide medical coverage through the Maine Municipal Employees Health Trust.

Known as GASB 75, this statement replaces the GASB 45 regulations under which governmental entities have been operating. Under GASB 45, only a few Trust employers were required to obtain an actuarial valuation of their explicit liability (if they paid the premium) and/or their implicit liability (if individually rated) and disclose the liability in their financial statements. Under GASB 75, all local government employers are required to obtain an actuarial valuation and disclose the liability in their financial statements.

In 2018 The Health Trust actuary, Cheiron, prepared valuation reports for the Trust participating employers.  For 2019, Cheiron will again be preparing the valuation reports.  This second year valuation is planned as a “roll-forward” valuation, meaning that we do not anticipate gathering additional new census information, but will be updating the results for the required change in discount rate and any material changes in claims costs.

The 2019 roll-forward valuation reports will be distributed to the designated employer contacts by late August. 

For more information about the 2019 process, please see the slides below.

MMEHT-GASB-75-Presentation-2019 (Powerpoint)

 

The informational video below was produced by the Health Trust actuary, Michele Domash from Cheiron, to share updated information regarding GASB 75 liability and the roll forward process for 2019.

If you have questions about receiving your valuation reports, please contact us at GASB75@memun.org.