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Summary of Statement No. 45 Page 4 of 5 <br />fiduciary funds from which OPEB contributions are made. OPEB <br />expenditures should be recognized on a modified accrual basis in <br />governmental fund financial statements. Net OPEB obligations, if <br />any, including amounts associated with under- or overcontributions <br />from governmental funds, should be displayed as liabilities (or <br />assets) in government-wide financial statements. Similarly, net <br />OPEB obligations associated with proprietary or fiduciary funds from <br />which contributions are made should be displayed as liabilities (or <br />assets) in the financial statements of those funds. <br />Employers are required to disclose descriptive information about <br />each defined benefit OPEB plan in which they participate, including <br />the funding policy followed. In addition, sole and agent employers <br />are required to disclose information about contributions made in <br />comparison to annual OPEB cost, changes in the net OPEB <br />obligation, the funded status of each plan as of the most recent <br />actuarial valuation date, and the nature of the actuarial valuation <br />process and significant methods and assumptions used. Sole and <br />agent employers also are required to present as RSI a schedule of <br />funding progress for the most recent valuation and the two <br />preceding valuations, accompanied by notes regarding factors that <br />significantly affect the identification of trends in the amounts <br />reported. <br />Cost-Sharing Employers <br />Employers participating in cost-sharing multiple-employer plans that <br />are administered as trusts, or equivalent arrangements, in which (a) <br />employer contributions to the plan are irrevocable, (b) plan assets <br />are dedicated to providing benefits to retirees and their beneficiaries <br />in accordance with the terms of the plan, and (c) plan assets are <br />legally protected from creditors of the employers or plan <br />administrator, should report as cost-sharing employers. Employers <br />participating in multiple-employer plans that do not meet those <br />criteria instead are required to apply the requirements of this <br />Statement that are applicable to agent employers. <br />Cost-sharing employers are required to recognize OPEB <br />expense/expenditures for their contractually required contributions <br />to the plan on the accrual or modified accrual basis, as applicable. <br />Required disclosures include identification of the way that the <br />contractually required contribution rate is determined (for example, <br />by statute or contract or on an actuarially determined basis). <br />Employers participating in acost-sharing plan are required to <br />present as RSI schedules of funding progress and employer <br />contributions for the plan as a whole if a plan financial report, <br />prepared in accordance with Statement 43, is not issued and made <br />publicly available and the plan is not included in the financial report <br />of a public employee retirement system or another entity. <br />Other Guidance <br />Employers that participate in defined contribution OPEB plans are <br />required to recognize OPEB expense/expenditures for their required <br />contributions to the plan and a liability for unpaid required <br />contributions on the accrual or modified accrual basis, as applicable. <br />This Statement also includes guidance for employers that finance <br />http://www.gasb.org/st/summary/gstsm45.htm1 2/12/2008 <br />