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<br />Summary of Statement No. 45 <br />OPEB as insured benefits (as defined by this Statement) and for <br />special funding situations. <br />Effective Dates and Transition <br />This Statement generally provides for prospective implementation- <br />that is, that employers set the beginning net OPEB obligation at <br />zero as of the beginning of the initial year. Implementation is <br />required in three phases based on a government's total annual <br />revenues in the first fiscal year ending after June 15, 1999. The <br />definitions and cutoff points for that purpose are the same as those <br />in Statement No. 34, Basic Financial Statements-and <br />Management's Discussion and Analysis-for State and Local <br />Governments. This Statement is effective for periods beginning after <br />December 15, 2006, for phase 1 governments (those with total <br />annual revenues of $100 million or more); after December 15, 2007,, <br />for phase 2 governments (those with total annua revenues of 1 <br />ion or more u ess an mi ion ; em er <br />p ase governmen s t ose with total annual <br />revenues of less than $10 million). Earlier implementation is <br />encouraged. <br />Unless otherwise specified, pronouncements of the GASB apply to <br />financial reports of all state and local governmental entities, <br />including general purpose governments; public benefit corporations <br />and authorities; public employee retirement systems; and public <br />utilities, hospitals and other healthcare providers, and colleges and <br />universities. Paragraphs 4 and 6 discuss the applicability of this <br />Statement. <br />http: //www. gasb. org/st/summary/gstsm45 . html <br />Page 5 of 5 <br />2/12/2008 <br />