Quad Cities Finance Lunch Crunch - Figuring Out OPEB Reports

Presented by the Downstate chapter

Downstate chapter

Friday, October 23, 2015, 11:45 AM–2:00 PM

Location

Short Hills Country Club
2500 11th St
East MolineIL 

Map and directions

  • Members $ 25.00 Before Oct 23, 2015 Members $ 25.00
  • Government / Partner Colleagues $ 25.00 Before Oct 23, 2015 Government / Partner Colleagues $ 25.00
  • Non-members $ 30.00 Before Oct 23, 2015 Non-members $ 30.00

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Description

Figuring Out OPEB Reports

Join us for lunch and a presentation on obtaining a better understanding OPEB actuarial reports.  An OPEB report is the report provided to municipalities to comply with GASB Statement 45 and provides an analysis of liabilities and cost for other Post-Retirement Benefits other than retirement. The nature of the report is complex because it combines concepts of health insurance with concepts of pension reporting.  This session is designed to help the attendee understand the actuarial concepts more clearly and what are the right questions to ask the actuary before presenting the report to the Board.

The session will examine the requirements of GASB Statement 45 and how the report should address those requirements.  The session will touch on the two most commonly used actuarial “methods,” to compute liabilities but will address in more detail the various actuarial assumptions and how they interplay with each other and the ultimate results.  The session will show how the components of the Net OPEB Expense are calculated and brought forward from year to year.  The session will finish up with a brief introduction to GASB Statement 75, which will replace GASB Statement 45.

If available, please bring your most current OPEB actuary report to the session.

AGENDA - click here to download pdf
11:45 AM - Check-In and Networking
12:00 PM - Lunch
12:30 PM - Presentation

Speaker: Mitchell I. Serota - President, Mitchell I Serota & Associates, Inc.

Learning Objectives:
Participates completing this session will be able to:

  • Gain a more thorough understanding of the purpose of the OPEB report and how it is prepared.
  • Gain a better appreciation for the actuarial assumptions and methods used in computing liabilities and Net OPEB Expense
  • Discern the difference between a poorly prepared report and a well thought out report
  • Acquire an ability to ask probing questions of the actuary before the report is sent to Board members.

Intended Audience: All finance professionals
Delivery method:
 
Group Live
Program Level: Overview
Prerequisites: No prerequisites required 
Advanced Preparation: 
No advanced preparation required
Field of Study: Accounting (Governmental) 
Earn about 1.0 CPE credit 

CONTACT INFORMATION

IGFOA
info@igfoa.org
630-942-6587

CPE hours: 1.50

For more information

Megan Petersen
mpetersen@eastmoline.com
(309) 752-1542

Registration and cancellation policy

Registrations are accepted on a first-in, first registered basis. Payments by check should be mailed in advance or made at time of registration by credit card. 

IGFOA Members are those individuals from the Public Sector, Partner, and Individual Firm specifically listed in the IGFOA Membership Directory. IGFOA Government staff member rate applies to staff, appointed officials, and elected officials of a government with a current IGFOA membership. If you have questions about your membership, contact IGFOA at 630-942-6587. The IGFOA reserves the right to apply the non-member fee to any individual or government that has not paid dues for the current year. If you are unable to attend, please contact IGFOA at 630-942-6587 or info@igfoa.org as soon as possible.  A $10 cancellation fee will be charged for cancellations up to October 16, 2015. Cancellations after October 16, 2015 and no-shows are responsible for the full tuition.

IGFOA reserves the right to modify the agenda, cancel the event due to low enrollment, or to close registration if full. Should IGFOA Downstate Chapter cancel an event, cancellation notice will be sent to the email address provided by each registrant and prominently posted at the IGFOA website page announcing the event. By submitting this registration, the applicant agrees to the registration and cancellation policy above.

If you have any questions regarding this seminar, cancellations, complaints, or refunds, please contact the IGFOA at 630-942-6587 or info@igfoa.org.

Approved by the National Registry of CPE Sponsors

CPE RegistryIllinois Government Finance Officers Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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