Benefit Trust Company has a team of experts that are dedicated to helping our public entity clients navigate the complex maze of regulations and requirements for Governmental Accounting Standards Board (GASB) Statements 43 and 45. We help government entities design and implement innovative solutions to meet the new requirements for reporting post-employment benefits (OPEB) on an accrual basis, including retiree health, life, dental, and vision care.

Benefit Trust Company has established a proprietary Section 115 Trust for our public entity clients who wish to minimize the impact of the new accounting rules. Under this agreement, we serve as a Discretionary Trustee, accepting responsibility for all of the caretaking and investment management of trust assets. This irrevocable trust format enables our public entity clients to delegate a large portion of the fiduciary responsibility imparted to them under local law, and simplifies their own processing of GASB 43 and 45.

Unfortunately, most government entities have no idea what their GASB 45 liability is, nor do they have assets irrevocably set aside to offset it. It is being phased in over a period of three years, depending on the entity’s size of annual revenue: