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Why Conduct an Actuarial Valuation?

  • Required by Governmental Accounting Standards Board (GASB) Statement 45

    • Effective fiscal year 2007-2008

    • Requires public sector employers to conduct an actuarial valuation of their Other (than pension) Post Employment Benefits (OPEB)

    • Standardizes OPEB measurement and disclosure

    • Accurately quantifies future financial liabilities

  • Assists in budget forecasting

  • Assists in understanding effect of past and current decisions

  • Important tool for decision making

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