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Maine Public Employees Retirement System
P.O. Box 349, Augusta, ME 04332-0349
toll free: (800) 451-9800 ● local: (207) 512-3100

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GASB
Frequently Asked Questions
 
1.

What is GASB Statement No. 75?

2.

Who does GASB Statement No. 75 apply to?

3.

When does GASB Statement No. 75 become effective?

4.

What is the measurement date?

5.

How will I receive the annual information necessary to report on my financial statements?

6.

How often will MainePERS provide the information?

7.

What if I misplace my information?

8.

Who do I contact for specific questions about the figures provided?

9.

What is a Net OPEB Liability?

10.

What is OPEB Benefits Expense?

11.

What changes are required for notes to the financial statements?

12.

What changes are required for supplemental information?

13.

What is a Special Funding Situation?

14.

Who are Cost-Sharing Employers?

15.

What is MainePERS' role?

16.

What is the Employer’s role?

 
   

1. What is GASB Statement No. 75?

 

GASB Statement 75 is a new requirement that establishes financial reporting standards for Governmental Employers who provide other post-employment benefits (OPEB) to employees. The changes apply to an employer’s Basic Financial Statements; Notes to Financial Statements; and Required Supplementary Information.

 

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2. Who does GASB Statement No. 75 apply to?

 

All MainePERS covered employers who are also government employers are required to report in accordance with GASB standards.

 

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3. When does GASB Statement No. 75 become effective?

 

The Statement is effective with fiscal years beginning on or after June 15, 2017 (FY2018).

 

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4. What is the measurement date?

 

The measurement date is one the employer chooses for financial reporting purposes and is the “as of” date for the calculation of Net OPEB Liability (NOL).

 

This date can be up to one year prior to an employer’s current fiscal year end. MainePERS valuations are complete in the late fall of each year for a June 30th year end.

 

Once chosen, the date must be consistently used year to year.

 

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5. How will I receive the annual information necessary to report on my financial statements?

 

MainePERS will post the information on its website.

 

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6. How often will MainePERS provide the information?

 

This information will be calculated annually, as part of the annual actuarial valuation process.

 

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7. What if I misplace my information?

 

A copy of the information for your specific employer will always be available on our website.

 

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8. Who do I contact for specific questions about the figures provided?

 

Contact us at gasb@mainepers.org or Sherry Vandrell at 1-800-451-9800.

 

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9. What is a Net OPEB Liability?

 

Net OPEB liability (NOL) is the difference between the total liability for past service (actuarially determined) for all employees and the plan’s fiduciary net position at a point in time.

 

Governmental employers will now recognize the net OPEB liability for their employees on their balance sheet.

 

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10. What is OPEB Benefits Expense?

 

OPEB Benefits expense is the difference between the beginning NOL and the ending NOL for the period impacted by, among other things:

 

 Differences between actual and expected experience with regard to economic 
   and demographic assumptions

  Differences between actual and expected earnings on investments

  Changes in assumptions

  Contributions and benefit payments

  Interest

 

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11. What changes are required for notes to the financial statements?

 

In short, notes must include descriptive information about the OPEB plan(s) offered, including actuarial assumptions used in determining the net OPEB liability.

 

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12. What changes are required for required supplemental information?

 

  Single and Agent employers will provide 10 year schedules of:

        - Sources of changes in the NOL

        - The components of the NOL and related ratios

        - Actuarially determined contributions vs. actual contributions

  Cost-sharing employers will provide 10 year schedules of:

        - The components of the NOL and related ratios

        - Actuarially determined contributions vs. actual contributions

 

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13. What is a Special Funding Situation?

 

A special funding situation exists when a non-employer entity is responsible for contributions to an OPEB plan on behalf of the employees of another employer.

 

    - The contributions must be legally or contractually required 

    - The amount of the contributions required must be calculated in some way related to OPEB

    - The State of Maine is a non-employer contributing entity for premiums for retired teachers.
      This arrangement  qualifies as a Special Funding Situation.

 

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14. Who are Cost-Sharing Employers?

 

Cost-sharing employers are those employers who participate in a plan where OPEB obligations to employees of more than one employer are pooled and OPEB assets can be used to pay the benefits of any of the plan members. These employers are required to report their proportionate share of the collective net OPEB liability of the plan as a whole. The Group Life Insurance Plan administered by MainePERS is a cost-sharing plan.

 

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15. What is MainePERS' Role?

 

Answer any questions.

 

Provide financial and demographic data to the actuary.

 

Provide timely information to employers:

 

     - Individual or Proportionate Share of Net OPEB Liability 

     - Individual or Proportionate Share of OPEB Benefits Expense 

     - Information Required for Disclosures and Supplemental Schedules

 

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16. What is the Employer’s Role?

 

Understand the reporting requirements for the type of OPEB plan you provide.

 

     - Statement of Net Position

     - Statement of Changes in Net Position

     - Required Notes and Disclosures

     - Required Supplemental Information and Related Disclosures

 

Consult with your auditors.

 

Choose a measurement date.

 

Implement the changes for your fiscal year beginning on or after June 15, 2017..

 

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Information contained on this Web site is neither a legal reference nor a complete statement of the laws or MainePERS administrative rules. In any conflict between this information and Maine laws or administrative rules, the laws and administrative rules shall prevail.

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