GASB 45 is the Government Accounting Standards Board (GASB) regulation requiring municipalities to report their OPEB liabilities. Set to go into effect in 2008, the new regulation was enacted in response to ballooning health-care benefits liabilities facing municipalities.
According to PensionOnline.com President Marco Brown, the firm's new tool will be available in two versions: a basic version to help municipalities estimate their own liabilities and a full-featured version for actuaries and fund administrators.
"Our basic tool lets municipalities calculate their OPEB liabilities and run scenarios without having to bring in an expensive actuary," says Brown, "and our full-featured tool will greatly simplify actuaries' jobs. Needless to say, the tool will save a lot of time and effort in calculating these liabilities and give municipalities an extremely accurate basis for their planning and decision making."