Here are some tips for a smooth implementation:

  • CalPERS has already implemented GASB 74 so entities with a CERBT Trust for their OPEB plans do not need to implement GASB 74 on their own financials.
  • Entities with irrevocable trusts other than CERBT that are funding their OPEB benefits need to have actuarial reports done.
  • Actuarial reports should be GASB 74 compliant and include the implied subsidy.
  • Work with your auditors and actuaries as soon as possible to coordinate the timing for an easy implementation to avoid delay in your financial audits.

As new information and the implementation guide becomes available, be sure you are in frequent communication with your auditors discussing the applicability of GASB 74 to your entity.

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