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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
Summary
 
In June of 2015, the Governmental Accounting Standards Board (GASB) approved two new standards that will affect MainePERS and many of its employers participating in our Group Life Insurance (GLI) Plan. GASB Statement 74 will change the accounting and financial  reporting of MainePERS's GLI Plan beginning with our fiscal year ending June 30, 2017. GASB Statement 75 will change financial reporting of governmental employers participating in the Plan, beginning in fiscal years commencing after June 15, 2017 (i.e. fiscal years ending June 30, 2018, or later).

In short, GASB Statement 75 requires employers who participate in post-employment benefit plans ("other post-employment benefits", or "OPEB") to recognize a net OPEB liability on their financial statements. The new OPEB liability is defined as the total OPEB liability minus the OPEB plan's fiduciary net position. Cost-sharing employers will report their proportionate share of the net OPEB liability for the plan as a whole. MainePERS's GLI Plan is an OPEB plan.

Other changes required by GASB statement 75 include a change in the calculation of post-retirement benefits expense. OPEB expense will now be calculated, generally, as the difference between the beginning and ending net OPEB liability amounts for the period. This amount will be different from the total payments the employer makes during the year.

It is important to note that the changes being required by GASB are for financial reporting only. They do not change the way GLI premiums are calculated. MainePERS will continue to work with our actuary and Board of Trustees on funding policy and premium requirements.

MainePERS is committed to providing the necessary information and support to all of our employers so that you may successfully implement these new standards. We will continue to add additional information and resources to the website as it becomes available. In the meantime, should you have questions that aren't addressed in these pages, please contact us.


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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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