JOINT ITEM: Presentation of Draft Actuarial Valuation Study of Post Retirement Health Benefits. City of Culver City California City Council Agenda Item Report Meeting Date: 05/05/08 AGENDA ITEM: JOINT ITEM: Presentation of Draft Actuarial Valuation Study of Post Retirement Health Benefits Item Number: J 1 Contact Person/Dept.: Jeff Muir CFO Phone Number: 310.253.6016 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Public Notification: Master Notification List (4/30/08) Action Item: X Attachments: x Department Approval: Jeff Muir (04/30/08) Fiscal Impact Review: Jeff Muir (04/30/08) City Attorney Approval: Carol Schwab (by H. Baker) (04/30/08) City Manager Approval: Jerry B. Fulwood (04/30/08) RECOMMENDATION: Staff recommends the City Council receive an overview presentation of the draft actuarial valuation study of Post Retirement Health Benefits by AON Consulting and the Chief Financial Officer. BACKGROUND: The Governmental Accounting Standards Board (GASB) is the organization that is responsible for providing the standards that apply to financial reports of all state and local governmental entities. In June of 2004 GASB issued Statement No. 45: Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions (GASB 45). In addition to pensions many state and local governmental employers provide Other Post Employment Benefits (OPEB) as part of the total compensation offered to attract and retain the services of qualified employees. OPEB includes post employment healthcare as well as other forms of post employment benefits (for example life insurance) when provided separately from a pension plan. GASB 45 established standards for the measurement recognition and display of OPEB expense/expenditures and related liabilities (assets) note disclosures and if applicable required supplementary information (RSI) in the financial reports of state and local governmental employers. Culver City offers post employment health care bene...
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