Explore essential funding considerations for OPEB plans in Part 4 of our series. Understand VEBA rules, state laws, and strategies for effective benefit payments.
Part 4: OPEB Funding Considerations: Understanding Laws & Benefits
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Other Post-Employment Benefits
A great way to encourage employees to maintain employment until retirement is with the strategic use of other post-employment benefits, or OPEB. OPEB benefits commence after retirement to enhance and add value to standard retirement plans and pensions. Examples of other post-employment benefits include legal services, health plans to supplement or precede Medicare coverage, disability plans, and life insurance plans. By providing other post-employment benefits outside of a simple monthly pension or retirement plan payment, business owners provide motivational incentives to encourage employee retention and growth within the business. Other post-employment benefits do, however, come with some specific financial reporting liabilities. Ensure you’re compliant by reviewing our expertly-written OPEB articles on the Watkins Ross blog or connect with us here to receive a professional OPEB valuation. With the help of our experienced OPEB team, Watkins Ross can enhance your other post-employment benefits strategy, design the perfect plan structure for you, and provide solutions to reduce or eliminate your OPEB liability.
Part 3: Contributions to and benefit payments from Retiree Healthcare Plan Assets – If the recommended contribution is $-0-, may benefits be paid from the OPEB plan trust?
Learn about the considerations involved in funding OPEB plans and the importance of managing plan assets effectively.
Part 2: Contributions to and benefit payments from Retiree Healthcare Plan Assets – What does it mean that a plan is 100% funded?
Understanding what it means for a plan to be 100% funded and the implications for future benefits and contributions.
Contributions To And Benefit Payments From Retiree Healthcare Plan Assets
Discover payment strategies for Retiree Healthcare (OPEB) plans funded by OPEB trusts. Maximize future benefit payments for retirees. Learn more now
GASB Discount Rate Calculation – A Proposal For A Different Approach
You are tasked with determining an appropriate discount rate for determining the Net OPEB liability under the Governmental Accounting Standards Board Statement (GASB) Nos. 74/75 for a closed, underfunded retiree healthcare plan whose plan sponsor plans to make minimal...
OPEB: Fast Facts & Planning Tips
The National Retirement Planning Coalition has designated April 11-15 as the 2016 National Retirement Planning week. In celebration, each day this week Watkins Ross will share some fast facts and planning tips on the various types of retirement plans we service....
OPEB Reporting – Summary of Changes to GASB Statements
The Governmental Accounting Standards Board (GASB) recently released Statements 74 and 75, which replace statements 43 and 45, respectively for reporting related to other postemployment benefits (OPEB) plans. The purpose of the update was to provide increased...