The Governmental Accounting Standards Board (GASB) has issued revised regulations which will 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.
The Health Trust actuary, Michele Domash from Cheiron, has developed an informational presentation regarding GASB 75 liability and how employer group representatives and their auditors may access their organization’s valuation report. It may be viewed at your convenience and it runs just under 20 minutes. Click on the video below to view the presentation. A PDF version of the presentation slides may also be downloaded and/or printed at the link below.
The valuation reports have been prepared and distributed. An email with the instructions to access the secure portal and obtain these repots was sent to the designated contacts from each of our employer groups in mid-August. If you did not receive this email or have difficulty accessing the information, please contact us at GASB75@memun.org.
Please note: Groups that do not contribute directly towards the cost of retiree health premiums will receive the valuation report for no additional cost. MMEHT has engaged the actuary to prepare these reports, as a service to our employer groups. A pre-negotiated flat fee will be assessed to groups with an explicit liability who contribute to the cost of retiree health premiums, and have requested a more detailed valuation report.