Our Services

 The Governmental Accounting Standards Board (GASB) Statement 68, that replaced Statements 27 and 50, became effective for employer fiscal years beginning after June 15, 2014. GASB 68 Actuarial Valuations determine, as of a valuation date, actuarial measurements that assess an employer’s financial liability and annual costs as they pertain to employer-sponsored defined benefit pension plans. The biennial valuation and annual disclosure reports will provide liabilities, deferred outflows of resources, deferred inflows of resources, and expenses to comply with GASB 68 requirements.

These benefits can include, but are not limited to, defined benefit pension benefits for both single employer and cost-sharing plans. 

  The Governmental Accounting Standards Board (GASB) Statement 73, that is for pension benefits that do not fall under the scope of GASB 68, became effective for employer fiscal years beginning after June 15, 2016. GASB 73 Actuarial Valuations determine, as of a valuation date, actuarial measurements that assess an employer’s financial liability and annual costs as they pertain to employer-sponsored benefits that do not fall under GASB 68. The biennial valuation and annual disclosure reports will provide liabilities, deferred outflows of resources, deferred inflows of resources, and expenses to comply with GASB 73 requirements.

These benefits can include, but are not limited to, stipend benefits and cash-in-lieu of health benefits provided to retirees.   

 The Governmental Accounting Standards Board (GASB) Statement 75, which replaced Statement 45, became effective for employer fiscal years beginning after June 15, 2017. GASB 75 Actuarial Valuations determine, as of a valuation date, actuarial measurements that assess an employer’s financial liability and annual costs as they pertain to Other Post-Employment Benefits (OPEB). The biennial valuation reports and annual disclosure reports will help your agency comply with GASB 75. These reports include a reconciliation of the total OPEB liability and plan fiduciary net position, sensitivity on the net OPEB liability, schedule of deferred outflows and inflows, the net OPEB expense, and the actuarially determined contribution (ADC). These benefits can include, but are not limited to, medical, dental, vision, and life benefits provided to retirees.  

 The Governmental Accounting Standards Board (GASB) Statement No. 101, which replaced Statement No. 16, became  effective for fiscal years beginning after December 15, 2023.  GASB Statement No. 101 requires liabilities for compensated absences to be recognized for leave that has not been used and leave that has been used but not yet paid in cash or settled through noncash means.  GASB Statement No. 101 requires a disclosure of the liability associated with compensated absences showing a beginning balance, additions and reductions (or net change), an ending balance, and the amount due within one year.    

 Does your plan fall under the reporting requirements of a GASB statement? How would your liabilities change if you changed a plan provision? How would your liabilities change if you changed an assumption? What are your future risks? How can you mitigate future risks? We can answer these questions and more. 

A pension benefit valuation determines the allocated amount of the present value of pension benefits for domestic relations actions. These calculations are done to assist, if necessary, in the preparation of a Qualified Domestic Relations Order. A QDRO is a decree or order for a retirement plan to pay child support, alimony or marital property rights to a spouse, child or other dependent of a participant.

 There are many uses for actuarial present value calculations.

For example, an actuary can calculate the present value of future wages and benefits in a wrongful termination suit.