|May 29, 2014 — The seven-member GASB Board voted to put forward two draft proposals on reporting of Other Post-Employment Benefits (OPEB) or retiree health insurance. Once passed, local governments would be required to recognize net liabilities of their OPEBs on annual financial statements.
Drafts of both proposals will be posted on GASB’s web site in June. The IAFF will submit comment opposing this change due to the potential effect on local budgets. The comment period will be followed by public hearings September 10-12.