The Maine Municipal Employees Health Trust has again engaged the services of the Trust’s actuary, Cheiron, to prepare actuarial valuation reports for Trust participating employers who must comply with GASB 75. The 2021 reports will be available in mid-August.
If you have questions about receiving your valuation reports, please contact us at GASB75@memun.org.
Background – GASB 75 liability
In 2018, 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 were previously 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.
2021 Valuation Reports
In 2020 the Health Trust actuary, Cheiron, prepared valuation reports for the Trust participating employers. For 2021, Cheiron has prepared “roll-forward” valuation reports, meaning that no additional new census information was gathered, and the reports were updated only to reflect the required change in discount rate and any material changes in claims costs.
The 2021 report will be sent to the designated contact on file, via a secured portal link sent in an email. To increase security, you will be required to do an additional verification of your email the first time you click the link to access the portal. Once you have successfully logged into the portal, you may also send the reports to your auditor in a secure manner.
The Trust’s actuary, Cheiron, has prepared an informative presentation regarding the process to access your 2021 report. It also includes helpful information about the valuation process for your auditor.