COUNTY CLERK-AUDITOR-RECORDER-ELECTIONS - J.P. GONZALEZ

Certification of OPEB Funding Policy & GASB43/45 Reporting Compliance.

SBC FILE NUMBER: 943.1

The Governmental Accounting Standards Board (GASB) Statement No. 57 requires all employers participating in a multiple-employer trust, such as the CERBT, to prepare an OPEB actuarial valuation (or Alternative Measurement Method (AMM) report) on at least a biennial basis and to use a measurement date shared by all agencies participating in the trust.

To comply with GASB requirements for reporting your agency’s OPEB obligations for FY 15/16, the measurement date of your current OPEB valuation report (or AMM) must be June 30, 2015 or July 1, 2015. 

The information contained in your June 30 (July 1), 2015 OPEB valuation report will be used to meet the County’s FY 15/16 financial reporting requirements under GASB 45, and CERBT’s reporting requirements under GASB 43.  It is very important that CalPERS receive the County's renewal valuation documents by June 30, 2016.

Certification of Funding Policy and GASB Reporting Compliance - This will allow the County to tell the CERBT which asset allocation strategy the Board are selecting and how you plan to pre-fund as it relates to the Annual Required Contribution (ARC).

1. Adopt the County's OPEB Funding Policy.

2. Direct the Chair to sign the OPEB Funding Policy Certification.

3. Direct the County Auditor-Controller to submit sign Funding Policy Certification along with the July 1, 2015 OPEB Actuarial Valuation to CalPERS CERBT.