This is a unique service designed specifically for New York State schools and BOCES to meet GASB 75 reporting requirements for Other Post-Employment Benefits (OPEB). An experienced and knowledgeable Questar III Service Team will work with school district and BOCES personnel to coordinate the GASB 75 valuation process and provide the following:
- Review of union contracts and Summary Plan Descriptions (SPD);
- Assistance in selecting a valuation date; -Identification of the key data needed;
- Technical help and advice on collecting the demographic data;
- Analytical procedures on the data;
- An actuarially certified report of the GASB 75 results;
- The information required for the disclosure in your audited financial statements.
In addition, Questar III staff will discuss the actuarial assumptions and cost methods with the superintendent and other key management staff as well as provide the organization’s accounting department with any required journal entries needed to reflect the GASB 75 obligation in the appropriate funds.
Cost for the service will be based upon the estimated amount of time needed to provide the service and will be governed by the current number of employees and retirees. Districts and BOCES that do not have data-ready information will be able to purchase data entry services on an hourly basis. The service model provides for a full cost valuation on a bi-annual basis with a roll forward projection for the following year based upon the initial valuation data. A contract cost will be finalized upon this analysis.