By Katie Wilson
FAIRMONT — A group of seven state senators is working to find a solution to the OPEB problem.
Several years ago, the federal Governmental Accounting Standards Board released Policy 45. Basically, every governmental entity in every state, county and municipality must adopt the measure.
GASB 45 requires governments to show what they’ll eventually have to pay for retirees’ benefits like a debt before the employee has retired. The benefits included in the measure are called “Other Post Employment Benefits” (OPEB).
Because the liability of future retirees’ benefits is reported like a debt, the requirement is forcing municipalities, counties and school systems across the state to adjust their budgets and attempt to set aside funds they might need in the future.
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