GASB 45 has changed to GASB 75
Interested in learning more about GASB 75 valuations and how we can help your company be compliant?
For information about the new ruling, please refer to the GASB 75 Q&A.
Mortality, Turnover and Trend Change
- Effective 9/9/2022, the mortality assumptions, turnover assumptions and default medical and pharmacy cost trends underlying the GASBhelp valuation engine have been updated to reflect current industry standards.
- The mortality assumptions continue to be based on the Society of Actuaries’ Pub-2010 Public Retirement Plans Mortality Tables, with mortality improvement projected for 10 years.
- The turnover assumptions are now based on non Postal turnover rates from the United States Office of Personnel Managment's Civil Service Retirement and Disability Fund Annual Report for Fiscal year ended September 30, 2021.
- The default medical and pharmacy trends are based on the Society of Actuaries’ Getzen long-run trend model. Users may override default trends during the data input process.
These changes are a result of our continuing efforts to provide a high quality valuation model. These assumption updates will cause changes in OPEB liability results; if you have questions on your results please contact us.