Municipal Open Enrollment and GASB-OPEB Compliance    

GASB

               

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Municipal Open Enrollment Software (GASB-OPEB)
   
 

Brightwork Solutions produces human resource and financial software solutions for municipal governments and small to medium sized businesses. Headquartered in Hampton, NH.our focus is on database management.To learn more about our firm, click here Brightwork Solutions, LLC but be sure to return to this page to continue learning about how we can help you streamline your benefit tracking and GASB requirements.

Municipal Open Enrollment

Our flagship product, Benefit Tracker, helps municipal personnel departments track and project to-the-penny pricing on all insurance benefit costs for active and retired employees and their survivors. A major feature that is built into Benefit Tracker is the GASB Report...

GASB

Government Accounting Standards Board (GASB) Statement 45, a new accounting rule, says that public employers can no longer report post-retirement health benefits on a pay-as-you-go basis and instead account for and report the annual cost of other post-retirement benefits (OPEB) for current and future retirees. While public employers do not have to actually pre-fund OPEB benefits, the rule may push many jurisdictions to consider labor-saving measures to facilitate compliance.

Click here to learn more about how Benefit Tracker aids in meeting these obligations.

Even cities that do not contribute directly toward retiree benefits can possibly have some GASB OPEB liability because of requirements that early retirees be pooled with active employees for continued health and dental benefits. This pooling creates an "implicit rate subsidy" that under GASB should be calculated and accounted for on city financial statements.

The GASB-OPEB Actuary Report

The new reporting requirements under Statement 45 will require cities to project the long-term costs of offering and paying for these benefits for both current and future retirees. The Benefit Tracker program will produce a clean and accurate GASB-OPEB Report that can be sent directly to your accountant or actuarial department.

We invite you to contact us to learn more about Benefit Tracker or about our other products and services.

 
Retirees Statement 45GASB-OPEB Compliance Actuary Report
 
   
 
Municipal Open Enrollment software GASB Statement 45
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