Latest GASB 45 Stories

2009-09-10 05:00:00

New brief from the Center for State and Local Government Excellence WASHINGTON, Sept. 10 /PRNewswire-USNewswire/ -- A new issue brief from the Center for State and Local Government Excellence takes a hard look at the options state and local governments are pursuing to reduce their unfunded liabilities for retiree health care. The brief, Prefunding Other Post Employment Benefits (OPEB) in State and Local Governments: Options and Early Evidence, cites examples of how governments are...

2008-09-17 16:51:27

WASHINGTON, Sept. 17 /PRNewswire-USNewswire/ -- A new study on retiree health benefits from the Center for State and Local Government Excellence finds that nearly all states have created a state-wide health care pool and many are looking closely at the state subsidy provided to future retirees. After GASB 45: Solving the Unfunded Liability Problem in Retiree Health Care, written by Richard C. Kearney, director of the School of Public and International Affairs, North Carolina State...

2008-08-18 18:00:48

Local governments have work ahead on retiree health care costs, amid new requirements to disclose them, but are making progress, according to a study that examines trends in municipality health care costs. All state and local governments must comply with a new standard imposed by the Governmental Accounting Standards Board (GASB) by the end of 2009. The nonprofit Cobalt Community Research conducted the study in response to the GASB requirements. Seventy-four percent of local governments...

2008-06-20 12:00:46

By Geoff Folsom, Odessa American, Texas Jun. 20--Though Medical Center Hospital may adopt a new way of accounting, officials vow it won't affect the benefits retirees receive. On a 2-1 vote, the Ector County Hospital District's Board of Directors' Audit Committee recommended adopting a new liability system. Judy Hayes and David Dunn voted for recommending the proposal to the full board at its July 1 meeting, while Abraham Torres opposed the change. The vote impacts hospital accounting...

2006-02-24 11:10:00

By Michael Connor MIAMI -- U.S. state governments wrestling with inadequately funded pension plans are bracing for new accounting rules that will put a spotlight on the costs of massively expensive health benefits for retired workers. State and local government workers in the United States generally earn less than their private-sector peers. But they have been able to hold on to pensions and strong health care coverage that have been cut back at companies. Government worker unions fear...

Word of the Day
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.