OPEB Actuarial Services
Under Governmental Accounting Standards Board Statement 45, all governmental bodies with total annual revenues of at least $10 million must report their OPEB liabilities on their FY 2009 financial statements. The requirement extends to all governmental bodies in FY 2010. Local governments accrue OPEB liabilities whether they offer explicit non-pension benefits for retirees (typically health insurance) or merely allow retirees to participate in benefit plans for active employees.
For most local governments, the first step in quantifying your OPEB liability is to procure an actuarial study. An actuary calculates your OPEB liability using benefit plan, demographic, and other statistical data. As the program administrator for the VACo/VML Pooled OPEB Trust – the leading OPEB investment vehicle in Virginia – we can help your locality obtain high quality and affordable actuarial services. When you work with VML/VACo Finance, you automatically participate in a cooperative procurement that eliminates the need to issue a separate RFP or follow elaborate procurement rules. Our partner is Milliman Inc., a global firm of 1,000 consultants and actuaries serving a wide range of clients, such as local governments and school divisions.
VML/VACo Finance has established a discounted fee schedule and will provide a fee quote to local governments upon request. Some localities are reporting that VML/VACo has helped them achieve savings of as much as 40% or more.
For local governments with fewer than 100 plan members, we also offer GASBhelp, a self-service online toll provided by Milliman specifically for small local governments.
VML/VACo OPEB Actuarial Services offer:
- Deep discounts of 40% or more on your OPEB actuarial study;
- Automatic participation in a cooperative procurement process – no RFP required;
- A no-obligation advance fee quote from VML/VACo Finance;
- Expert analysis from one of the nation’s leading actuarial firms;
- A written study and management briefing included in the cost of the study;
- Answers to questions and assistance from VML/VACo Finance staff year-round;
- Available for any size local government, school division, or authority.
For more information or to obtain a fee quote, select the following link:
