The Governmental Accounting Standards Board has weighed in on how government agencies should account for the post-retirement health benefits they have promised their employees.
GASB, Norwalk, Conn., has issued the final version of GASB Statement Number 57, Other Post-Employment Benefits Measurements by Agent Employers and Agent Multiple-Employer Plans.
In addition to post-retirement health benefits, the statement also could cover other types of non-pension post-retirement benefits, such as retiree life and retiree dental benefits.
The new statement will permit some employers to use alternatives to full actuarial valuations, GASB reports. That provision is set to take effect immediately.
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