Note X – Other Postemployment Benefits
If the government provides other postemployment benefits (OPEB), include the following information for each plan:
- The name of the OPEB plan, the name of the plan administrator, and identification of the OPEB plan as either a defined benefit plan or a defined contribution plan.
- A brief description of the benefit terms.
- The number of OPEB plan participants (active and retired).
- For defined benefit plans only:
a. The amount of the OPEB liability as of the reporting date (should agree to the Schedule of Liabilities).
b. If the alternative measurement method was used (e.g., the Office of the Washington State Actuary tools), that method should be disclosed. - The dollar amount the employer contributed during the reporting period.
Instructions to preparer:
Examples:
The (city/county/district) is a participating employer in the state’s Public Employees Benefits Board (PEBB) program, a defined benefit plan administered by the Washington State Health Care Authority. The plan provides medical, dental, and life insurance benefits for public employees and retirees and their dependents on a pay-as-you-go basis. The plan provides OPEB benefits through both explicit and implicit subsidies. The explicit subsidy is a set dollar amount that lowers the monthly premium paid by members over the age of 65 enrolled in Medicare Parts A and B. PEBB determines the amount of the explicit subsidy annually. The implicit subsidy results from the inclusion of active and non-Medicare eligible retirees in the same pool when determining premiums. There is an implicit subsidy from active employees since the premiums paid by retirees are lower than they would have been if the retirees were insured separately.
|
Fiscal Year 20XX |
|
|
Number of Active Plan Members |
(input number) |
|
Number of Retired Plan Members |
(input number) |
|
Contributions made |
(input dollar amount) |
|
*Total OPEB Liability |
(input dollar amount) |
*Measured using the alternative measurement method.
The LEOFF I Retiree Medical Plan is a closed, single-employer, defined-benefit OPEB plan administered by the (city/county/district) as required by (RCW __.__.___). The plan pays for 100% of eligible retirees’ healthcare costs on a pay-as-you-go basis. As of December 31, 20__, the plan had (number) members, all retirees.
|
Fiscal Year 20XX |
|
|
Number of Retired Plan Members |
(input number) |
|
Benefits paid |
(input dollar amount) |
|
*Total OPEB Liability |
(input dollar amount) |
*Measured using the alternative measurement method
The (city/county/district) administers the Retirees Life Insurance Plan. The defined benefit OPEB plan provides a death benefit for eligible retirees of $50,000. The (city/county/district) pays 100% of annual life insurance premiums on a pay-as-you-go basis.
|
Fiscal Year 20XX |
|
|
Number of Active Plan Members |
(input number) |
|
Number of Retired Plan Members |
(input number) |
|
Premium Payments Made |
(input dollar amount) |
|
Total OPEB Liability |
(input dollar amount) |