GASB 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions

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1 May 2011 GASB 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions In June 2004, the Governmental Accounting Standards Board issued Statement No. 45 (GASB 45) which establishes standards for governmental employers to measure and report their costs and obligation relating to postemployment benefits other than pensions. These costs are called Other Post- Employment Benefits (OPEB). Examples include health benefits, life insurance, legal services, or other benefits. The requirements of GASB 45 became effective in three phases based on total revenues reported. As of , all districts must do full implementation of GASB 45. The implementation dates are as follows: Phase 1 District Revenue >$100 million FY Phase 2 District Revenue >$10 million FY Phase 3 District Revenue <$10 million FY This section describes the accounting entries that need to be done by school districts for GASB 45. There are two options discussed in this manual: Option 1: Performing manual entries at the end of the fiscal year. An online video training for Option 1 is available at: 5 Option 2: Using the Payroll System throughout the fiscal year

2 GASB 45 Key Concepts Present Value of Projected Benefits (PVPB): This is the total projected costs to finance benefits payable in the future based upon a members past service through the valuation date, and their future service. Annual Required Contribution (ARC): This is the level of employer contribution required on a sustained ongoing basis to systematically fund the Normal Cost and the UAAL. It is the amount needed to pay benefits as they come due plus amortize the UAAL. Once a school district is in full implementation of GASB 45, costs must be allocated in the same proportions as the components of the ARC, even if the district is not fully funding the ARC. Unfunded Actuarial Accrued Liability (UAAL): This is the unfunded portion of the PVPB which represents the value of OPEB benefits already earned in exchange for an employee s past service. Active Employees: The UAAL Active cost should be charged to Objects 3751 and 3752 or if unduly burdensome to the programs, to Objects 3701 and Retired Employees: The UAAL Retiree cost must be charged to Objects 3701 and Normal Cost: This is the portion of the PVPB to be allocated each year which represents the cost for OPEB benefits being earned by active employees in exchange for their services now. The normal cost must be charged to Object 3751 and Objects 3701 and 3702 (OPEB Allocated): Allocated costs must be distributed proportionally based on the amount of salaries in every combination of fund, goal, and function. Objects 3751 and 3752 (OPEB Active Employees): A flat dollar amount per FTE must be direct charged proportionally based on the amount of FTE in every combination of fund, goal, and function. For more information on GASB 45 requirements, see: May 2011

3 OPTION 1 Manually Allocating Retiree Benefit Costs at Year-End Closing Districts Fully Implementing GASB Obtain Information from the Actuarial Report a. Find the Annual Required Contribution in your district s actuarial study. It should be broken down into two components: Normal Cost and Amortization of the Unfunded Actuarial Accrued Liability (UAAL). Enter these amounts and determine the percentage of the total as shown below: Annual Required Contribution (ARC) Normal Cost $1,728, % Amortization of UAAL $2,216, % Annual Required Contribution $3,945, % b. The UAAL needs to be broken out into two components: active employees and retirees. This is shown in the section of the report that shows the Actuarial Accrued Liability (AAL). Enter these amounts and determine the percentage of the total as shown below: Actuarial Accrued Liability (AAL) Actives $27,836, % Retirees $7,146, % Total AAL $34,982, % c. The percentages for the AAL need to be applied to the Amortized UAAL of $2,216,447 as shown below: Breakdown of UAAL Actives $1,763, % Retirees $452, % Total Amortized UAAL $2,216, % d. Incorporate the dollar amounts for the UAAL into a final chart breaking down the components of the ARC as shown below: Annual Required Contribution (ARC) Normal Cost $1,728, % UAAL Actives $1,763, % UAAL Retirees $452, % Annual Required Contribution $3,945, % e. Actual retiree benefit costs must be allocated according to the percentages created in Step 1d. Districts must use the following objects: i. Normal Cost: Objects 3751, 3752 ii. UAAL Actives: Either Objects 3751,3752 or 3701, 3702 iii. UAAL Retirees: Objects 3701, May 2011

4 2. Download data from FIS and import it into Microsoft Excel. a. Go to EXPINQ and use the File function to create a file for all funds, objects b. Click on the DNLOAD hyperlink to find your file and then save it. c. Open Excel and import the file into Excel. Start the import at Row 8 so that you will eliminate unnecessary data. Make sure that everything is formatted as text except for the dollar amounts and the Object Code. Otherwise, an account called 0000 will show up as 0. d. You will have a table that looks like this: A B C D E F G H I J K L M N O Fund SubFund Res SubRes Goal Func SubFunc Objt SubObjt Sch Budget Trans Encumb Bal Object Description , , MONTHLY PUPIL SUPPORT SAL 3. Create three new fields called Fund, Goal Function, and Salary Type as shown below. Instructions for formulas for these fields will follow: P Q R Fund Goal Function Salary Type Certificated 4. If you would like to charge everything in the General Fund to Fund 03, then create a new fund field that classifies anything in Fund 06 as Fund 03: =If(A2= 06, 03,A2) 5. Create a new column called Goal Function. a. Create a formula that combines the goal and function field. b. The formula should use the & symbol instead of the + symbol like this: =E2&F2. c. The result will look like this: Create a new column called Salary Type to distinguish between certificated and classified salaries. a. Create a lookup table like this: T U Certificated Classified b. In the Salary Type column, the formula should look like this: =LOOKUP(H2(this is a cell reference for the object code),$t$2:$t$3,$u$2:$u$3) May 2011

5 c. If the formula produces a result of #N/A, change the object column to number format. This will only be a problem if you originally formatted the Object field as text. d. This will assign Certificated to all account strings with objects and Classified to all account strings with objects e. Be sure to save the file as Excel and change the name on the worksheet tab before proceeding. 7. Create a Pivot Table in a new worksheet with Fund and "Goal Function" for Rows, "Salary Type" for Columns, and "Trans" for Data. This will add up all the salaries for a particular combination of fund, goal, and function. The pivot table will look like this: Sum of Trans Salary Type Fund2 Goal Function Certificated Classified Grand Total ,711, , ,138, , , , , ,016, , , , ,513, ,410, ,923, Create Cost Allocation for Objects 3701 and 3702 a. Copy the pivot table and use paste special to paste the table into a new worksheet. Be sure to pick the option to paste values and number formats. b. Create two new columns to calculate the percentage certificated and percentage classified salaries of the total salaries for the whole district. Goal Function Certificated Classified Total % Certificated % Classified ,711, , ,138, % 0.34% , , % 0.00% c. Determine the percentage of your total costs that will be charged to 3701 and 3702 based on the distribution of the ARC determined in Step 1d and 1e. In the example, the district chooses to charge UAAL Actives (44.70%) and UAAL Retirees (11.48%) to 3701 and 3702 for a total of 56.18%. d. Figure out the total that was charged to Objects 3701 and 3702 throughout the year and multiply it by the percentage of the ARC determined in Step 8c. In this example: $1,026, in retiree benefit costs multiplied by 56.18%= $576, May 2011

6 e. Create two new columns called 3701 and Use the percentages that have been calculated in Step 8b to distribute the amount determined in Step 8d to objects 3701 and 3702 to each fund goal function combination as shown below: Fund Goal Function Total , , , , , Download Data from the Payroll System a. Download the file called OPEBFILE from payroll and import it into Microsoft Excel (Extract 21 or 71). Make sure that all the fields are formatted as text. b. Clean up the data i. Add column headings. See the list of fields on page ii. Eliminate data that you will not need such as social security number, etc. iii. The account code will appear in one field. Use the text to columns feature to break the account code into its components. Make sure that all the account fields are formatted as text except for the Object Code field. c. Determine which employees are eligible for OPEB. i. You can do this on the payroll system before you start by using the OPEB Flag field. ii. Or you can use the OPEB Flag once you have downloaded the data from payroll by changing it from N to Y. iii. To determine whether an employee is eligible for OPEB, you can look at the bargaining group or other applicable criteria. 10. Create four new fields called Fund, Goal Function, Salary Type, and FTE a. Use the same instructions as shown in Steps 4, 5 and 6 for the Fund, Goal Function, and Salary Type fields. b. For the FTE field, make sure that FTE is only calculated for eligible employees. Take the employee s percentage distribution into account when determining FTE. If an employee is charged equally to two accounts, you should only calculate.5 FTE for each account. 11. Create a Pivot Table in a new worksheet with Fund and "Goal Function" for Rows, "Salary Type" for Columns, and "FTE" for Data. This will add up all the FTE for a particular combination of fund, goal, and function. The pivot table will look like this: May 2011

7 Sum of FTE Salary Type Fund Goal Function Certificated Classified Grand Total Create FTE Distribution to Direct Charge Costs to Objects 3751 and 3752 a. Copy the pivot table and use paste special to paste the table into a new worksheet. Be sure to pick the option to paste values and number formats. b. Determine the percentage of your total costs that will be charged to 3751 and 3752 based on the distribution of the ARC determined in Step 1d and 1e. In the example, the district chooses to charge only the Normal Cost (43.82%) to Objects 3751, c. Figure out the total that was charged to Objects 3701 and 3702 throughout the year and multiply it by the percentage of the ARC determined in Step 12b. In this example: $1,026, in retiree benefit costs multiplied by 43.82%= $449, d. Determine the amount to charge to each FTE by dividing the amount in Step 12c by the total FTE. In this case $449, divided by 2,373= $ e. Create two new columns for Objects 3751 and Multiply the FTE on each line for certificated and classified staff by the dollar amount per FTE determined in Step 12d as shown below: Fund Goal Function Certificated FTE Classified FTE Total FTE $3, $2, $2, $ Write a journal entry that credits the accounts you initially used to charge 3701 and 3702 and debits 3701, 3702, 3751 and 3752 using the new distribution you have created in Steps and 8 and 12. You will need to use a due to due from for any transfers between funds if this is done after June 30 th May 2011

8 ACCOUNT NUMBER DEBIT CREDIT REFERENCE FUND- SUB RESRCE- SUB GOAL FUNC- SUB OBJ- SUB SCH LOC COST P $7, Allocate OPEB Costs $1, $3, $ $3, $2, $2, XXXX XXXX $21, Do a conversion entry in the SACS Software: Entry CE021 Reverse Original OPEB Charges a. The appropriate conversion entry is to debit the functions in which OPEB costs were incurred but contributions were not made (this is the difference between the ARC and the vendor payment), and credit Object 9664, Other Postemployment Benefits (Net OPEB Obligation). b. If the district did full implementation of GASB 45 in the prior year, adjustments must also be made for interest and/or for any subsequent actuarial study. In Year 1, assume the ARC was $3,945,150 and the vendor payment was $1,026, for a difference of $2,918,448. In Year 2, a new actuarial study was performed and calculated an ARC of $4,000,000. The vendor payment remained at $1,026, c. Interest Calculation i. No interest is calculated in Year 1. ii. Assume the interest rate in Year 2 is 3.012%. iii. Interest will be calculated in Year 2 by multiplying the Net OPEB Obligation from Year 1: $2,918,448 X 3.012% = $87,904 d. Adjustment to Annual Required Contribution i. Once a new actuarial study is done, OPEB cost must be decreased by amounts included in the subsequent calculation of the ARC to recapture, or amortize, the prior contribution deficiency. The amortization factor used in the actuarial valuation to calculate the subsequent ARC is used for this adjustment. ii. Assume this factor is Divide the Net OPEB Obligation from the previous year (Year 1) by the amortization factor in the new study: $2,918,448 / = -$211, June 2012

9 e. Calculation of Net OPEB Obligation Year 1 Year 2 Annual Required Contribution 3,945,150 4,000,000 Interest on net OPEB Obligation 0 87,904 Adjustment to Annual Required Contribution 0-211,329 Annual OPEB Cost 3,945,150 3,876,575 Contributions made 1,026,702 1,026,702 Increase in Net OPEB Obligation 2,918,448 2,849,873 Net OPEB Obligation Prior Year 0 2,918,448 Net OPEB Obligation Current Year 2,918,448 5,768,321 f. CE021 distributes the Increase in Net OPEB Obligation by function. To do this, figure out the percentage of the district s total salaries in each major function shown in CE021 and multiply that by the Increase in Net OPEB Obligation calculated in Step 14e. g. See sample conversion entries below for Years 1 and 2. Year 1: Entry CE021 Postemployment Benefits Other than Pensions (OPEB) To recognize any difference between OPEB costs as defined by generally accepted accounting principles, and amounts actually contributed Function (Resource) Extracted Data Default Conversion User Conversion Object of Extracted Data Adjustments Entry Account Description Debit Credit Debit Credit Debit Credit n/a ,994,492 1,994,492 Instruction n/a , ,230 Instructional Supervision and Administration n/a ,203 33,203 Instructional Library, Media and Technology n/a , ,800 School Site Administration n/a ,980 64,980 Home to School Transportation n/a ,355 57,355 Food Services n/a , ,014 All Other Pupil Services n/a ,549 18,549 Ancillary Services n/a ,334 27,334 Community Services n/a 6000 Enterprise Activities n/a ,209 87,209 All Other General Administration n/a 7700 Centralized Data Processing n/a , ,282 Plant Services ,918,448 2,918,448 Other Postemployment Benefits (Net OPEB Obligation) TOTALS 2,918,448 2,918,448 2,918,448 2,918,448 Year 2: Entry CE021 Postemployment Benefits Other than Pensions (OPEB) To recognize any difference between OPEB costs as defined by generally accepted accounting principles, and amounts actually contributed Function Extracted Default Conversion of Conversion Account Object (Resource) Data Extracted Data Entry Description Debit Credit Debit Credit Debit Credit n/a ,937,914 1,937,914 Instruction n/a , ,995 Instructional Supervision and Administration n/a ,499 28,499 Instructional Library, Media and Technology n/a , ,990 School Site Administration n/a ,997 56,997 Home-to-School Transportation n/a ,997 56,997 Food Services n/a , ,494 All Other Pupil Services n/a ,499 28,499 Ancillary Services n/a ,499 28,499 Community Services n/a 6000 Enterprise Activities n/a ,496 85,496 All Other General Administration n/a 7700 Centralized Data Processing n/a , ,494 Plant Services ,849,873 2,849,873 Other Postemployment Benefits (Net OPEB Obligation) TOTALS ,849,873 2,849,873 2,849,873 2,849, June 2012

10 OPTION 2 Using Payroll System to Allocate Retiree Benefit Costs Part 1: Allocating costs to Objects 3711 and 3712 Costs can be allocated to Objects 3711 and 3712 by calculating a percentage of Gross Pay for all current employees. The district will determine the percentage and enter this percentage on DISTU screen in the Payroll System. The Payroll System will calculate the OPEB amount using the percentage indicated on DISTU screen. During the payroll process this percentage will be applied to the gross pay for all active employees, and it will spread the dollars across the expenditure accounts for each gross pay, using objects 3711 and 3712 (OPEB Alloc Gross Sal). SACS software Objects 3711 and 3712 will be rolled up to 3701 and All expenditures with objects 3711 and 3712 will be posted to FIS with an offset to by Resource: 3711/3712 xxxx $ $ NOTE: Objects 3711, 3712 (OPEB Alloc Gross Sal) will be added to MDACCT and DDACCT screen. These Objects (3711, 3712) will automatically be added to SACTE (Chart of Accounts) screen in the Payroll System and CHACCT (Chart of Accounts) screen in the FIS system for all existing salary accounts. Object (OPEB ALLOC) will automatically be added to CHACCT (Chart of Accounts) screen in the FIS system for all existing resources May 2011

11 Part II: Direct charging costs to Objects 3751 and 3752 To direct charge costs to Objects 3751 and 3752, a district needs to calculate FTE for all OPEB-eligible employees. OPEB eligible employees are determined by the district. The district will determine an amount and enter this amount on DISTU screen in the Payroll System. EMPLY screen EMPLY screen in the Payroll System has a field labeled OPEB. Districts can flag all OPEB eligible employees by updating this field to Y for yes. (A one time mass change can be done to populate this field based on FTE %. The Systems Utilization Unit will run this process for interested districts). When payroll processes, all employees with a Y in the OPEB field will have OPEB expensed on their gross pay. There are two options available under the FTE amount calculation: Option 1 Amount is entered on the DISTU screen and the FTE% field is marked Y for Yes on this screen: The Payroll system will calculate the OPEB by multiplying the amount entered in the OPEB (Active) $$ Amount field on the DISTU screen by the FTE on the EMPOS screen. NOTE: If an employee is marked as OPEB eligible and they are on the Fixed Schedule the Payroll system will create a FTE for these employees as follows: Hourly: Calculate total hours on FSCHD screen as a percentage of CHRS. Daily: Calculate total days on FSCHD screen as a percentage of CDAYS. Option 2 Amount is entered on DISTU screen and the FTE% field is left Blank on this screen: The Payroll system will calculate the OPEB by applying the amount entered in the OPEB (Active) $$ amount field on the DISTU screen to each OPEB eligible employee. The dollar amounts for all above options will spread across expenditure accounts for each employee using objects 3751 and 3752 (OPEB Active EMPLY). All expenditures with objects 3751 and 3752 will be posted to FIS with an offset to by Resource: 3751/3752 xxxx $ $ NOTE: Objects 3751 and 3752 (OPEB Active EMPLY) will be added to MDACCT and DDACCT screens in FIS. These objects (3751, 3752) will automatically be added to SACTE (Chart of Accounts) screen in the Payroll System and CHACCT (Chart of Accounts) screen in the FIS system for all existing salary accounts May 2011

12 Object (OPEB DIRECT) will automatically be added to CHACCT (Chart of Accounts) screen in the FIS system for all existing resources. Part III: Zeroing Out the OPEB Process Three processes are available to be ordered on the REPCAT screen in FIS (OPEBRM02, OPEBRM03 and OPEBRM04). OPEBRM03 process will allow transferring of the amounts from Object in each fund to Object 9570 (Current Liability OPEB) by Resource. This process must be ordered the day before OPEBRM02. xxxx xxxx-9570 $ $ OPEBRM04 process will allow transferring of the amounts from Object in each fund to Object 9570 (Current Liability OPEB) by Resource. This process must be ordered the day before OPEBRM02. xxxx xxxx-9570 $ $ NOTE: Object 9570 (Current Liability OPEB) will be added to MDACCT and DDACCT screens in FIS. They will also automatically be added to CHACCT (Chart of Accounts) screen in the FIS system for all existing Resources. OPEBRM02 process will allow transferring of the amounts from Funds 03 and 06, Resources other than 0000, Object 9570 to Fund 03, Resource 0000, Object This process must be ordered the day after your order OPEBRM03 and/or OPEBM04. 03/06-xxxx $ $ May 2011

13 Part IV: Payroll Screens The following is the list of Reports / Screen that were created or modified for this process: DISTU: This is a screen which allows districts to enter a percentage to be used to calculate against gross pay for all active employees for Allocation of Retired Employees Health Benefits Cost and Active Employees Past Unfunded Costs. This screen also allows districts to enter an amount to be used for all active OPEB eligible employees for Direct-charging of Active Employees Normal Cost for Retirement Health Benefit. (Sample Attached) DIST ID: This screen includes the fields entered on DISTU screen. EMPLY: An OPEB field is included on this screen to allow districts to flag their OPEB eligible employees; the values are Y (Yes) or N (No). (Sample Attached) PEDR & EPER reports The Payroll Expenditure Detail Report and Employee Payroll Expenditure Report in the Payroll System include the OPEB objects (3711/3712, 3751/3752) and the dollar amount expensed. The amount is included under the 3901/3902 column. Extract Report #01, 31 Personnel Data extract includes the OPEB eligible flag from the EMPLY screen. Extract Report #21, 71 This extract includes the EMPLY OPEB Assignment Data (File Layout Attached) May 2011

14 DISTU The Supplementary District Data Items screen (DISTU) allows districts (K-12) to enter an amount or percentage to be used to calculate Other Post Employment Benefits (OPEB), during the payroll processing. 1 - VERSION NUMBER - Display - Current version control number of the screen. 2 - FUNCTION - Required (3 A/N) - Valid functions for this screen are: INQ CHG Inquire on existing information. Change or update existing information. This can only be done after an inquiry. 3 FISCAL CCYY - Required - (4 A/N) - The fiscal year of the district information record. Defaults to current fiscal year. 4 - DISTRICT NO. - Required - (3 A/N) - The unique three-digit number assigned to each district. Displays at district level. 5 OPEB RETIREES PERCENTAGE Optional (3, 2 N) Percentage to be applied to gross pay for all active employees during payroll processing for OPEB calculation. 6 OPEB (ACTIVE) $$ AMOUNT Optional (6, 2 N) Amount applied to employees marked as OPEB eligible on EMPLY screen. The payroll system will calculate the OPEB by multiplying this amount by the active employee s FTE May 2011

15 7 OPEB (ACTIVE) USE FTE % Optional - (1 A/N) - "Y" indicates that the FTE from EMPOS will be applied to the OPEB (ACTIVE) $$ AMOUNT. Blank indicates that the OPEB (ACTIVE) $$ AMOUNT will be multiplied by the number of active OPEB eligible employees. Default for this field is blank. 8 - MESSAGE - Display - The place where any messages from the system will be displayed. 9 - NEXT SCREEN Optional (5 A/N) Place to indicate the next screen to navigate EMPLY A Y in the OPEB field indicates the employee is OPEB eligible. The amount entered on the DISTU screen, in the OPEB (ACTIVE) $$ AMOUNT, will be applied to all active OPEB eligible employees May 2011

16 OPEB Data - DATA/EXT/OPEBFILE (EXTRACT 21) - Comma delimited (EXTRACT 71) - Tab delimited Description Max Length Type District Number 3 A/N Last Name 18 A/N First Name 12 A/N Middle Name 10 A/N Social Security No. (nnnn-nn-nnnn) 12 A/N Employer Identification No. (nnnnnn) 7 A/N Position Number 4 A/N FTE Percent (nnn.nn) 6 A/N Primary Position Flag 1 A/N Certificated/Non-certificated 1 A/N Temporary/Permanent 1 A/N Bargaining Unit 3 A/N Bargain Unit Description 18 A/N OPEB Flag 1 A/N OPEB District Retirement % 5 A/N (nnn.nn) OPEB Active Amount (nnnnnn.nn) 9 A/N OPEB Use FTE Percentage 1 A/N HDM Code 1 A/N Fixed/Variable/Summer Code 1 A/N Unit Rate (nnnnnn.nn) 9 N Annual Salary (nnnnnn.nn) 9 N Position Number Of Months 2 N Hours per Day (nn.nn) 5 N Line Number 3 N Distribution Percent (nnn.nn) 6 N Account Number 39 A/N Extract Creation Date - mm/dd/yyyy 10 A/N Blank Field May 2011

17 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO PAYMENTS FOR OPEB OPTION 1: VENDOR PAYMENT IN GENERAL FUND During the year, the district pays premiums from the general fund for pay-as-you-go vendor payments using the RTBEN payroll screen. STEP RTBEN 975 1,905 2,880 Vendor Pmt The payroll process allocates OPEB at the district determined rate of x% and direct charges OPEB at an amount of $y per OPEB-eligible FTE. These dollars will post into the FIS system, by resource, as indicated: STEP 2 Payroll xxxx xxxx ,000 xxxx ,500 Process x% xxxx-3751 xxxx-3752 xxxx Payroll ,200 Process $y per FTE The June 30th payroll accrual will post with an offset, by resource, to 9510 Current Liability as indicated: STEP 3 xxxx-3711 xxxx-3712 xxxx-9510 June 30th Payroll Accrual Process x% xxxx-3751 xxxx-3752 xxxx-9510 June 30th Payroll Accrual Process $y per FTE The net result is that the same OPEB costs have been double counted in 3701,3702 and the sum of 3711,3712 and 3751, 3752 To eliminate the double counting, the district first needs to transfer the amounts in and to Fund 03, Resource 0000, Object 9570 (Current Liability OPEB). This has been partially automated through the OPEBRM process in FIS. OPEBRM03 and OPEBRM04 will move everything in and to 9570 for each fund. OPEBRM02 will move any 9570s from Fund 06 into Fund 03. An auditor's transfer or due to/ due from will be necessary to move 9570s from any other fund such as 11, 12, or 13 into Fund 03. STEP 4a Original xxxx ,500 xxxx , Entries Transfer 1,500 1,200 2,700 to Object 9570 = 0 = 0 = 2, May 2011

18 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO PAYMENTS FOR OPEB OPTION 1: VENDOR PAYMENT IN GENERAL FUND The district would also need to move the current liability OPEB payroll accrual from xxxx to STEP 4b xxxx-9510 xxxx Original Entries Transfer to Object 9570 = 0 = 0 = 180 Once all the liability is in Object 9570, the district can offset 9570 with the pay-as-you-go vendor payment. STEP Original 2, ,905 Entries Reconciling 2, ,905 Entry = 0 = 0 = 0 The charges to 3711, 3712 and 3751, 3752 remain in your books. Conversion Entry in SACS Software A conversion entry will be needed in the SACS Software Entry CE021 to show the Net OPEB Obligation. The appropriate conversion entry is to debit the functions in which OPEB costs were incurred but contributions were not made (this is the difference between the ARC and the vendor payment), and credit Object 9664, Net OPEB Obligation. If the district did full implementation of GASB 45 in the prior year, adjustments must also be made for interest and/or for any subsequent actuarial study. In Year 1, assume the ARC was $5,000 and the vendor payment was $2,880 for a difference of $2,120. In Year 2, a new actuarial study was performed and calculated an ARC of $5,500. The vendor payment remained at $2,120. Interest Calculation No interest is calculated in Year 1. Assume the interest rate in Year 2 is 3.012%. Interest will be calculated in Year 2 by multiplying the Net OBEB Obligation from Year 1: $2,120 X 3.012%= $64 Adjustment to Annual Required Contribution Once a new actuarial study is done, OPEB cost must be decreased by amounts included in the subsequent calculation of the ARC to recapture, or amortize, the prior contribution deficiency. The amortization factor used in the actuarial valuation to calculate the subsequent ARC is used for this adjustment. Assume this factor is Divide the Net OPEB Obligation from the previous year (Year 1) by the amortization factor in the new study: $2,120 / = -$154. Net OPEB Obligation Calculation Year 1 Year 2 Annual Required Contribution 5,000 5,500 Interest on net OPEB Obligation 0 64 Adjustment to Annual Required Contribution Annual OPEB Cost 5,000 5,410 Contributions made 2,880 2,880 Increase in Net OPEB Obligation 2,120 2,530 Net OPEB Obligation Prior Year 0 2,120 Net OPEB Obligation Current Year 2,120 4, June 2012

19 See sample conversion entries for Year 1 and Year 2 below: Year 1: Entry CE021 Postemployment Benefits Other than Pensions (OPEB) To recognize any difference between OPEB costs as defined by generally accepted accounting principles, and amounts actually contributed Function (Resource) Extracted Data Default Conversion of Extracted Data Conversion Object Entry Account Description Debit Credit Debit Credit Debit Credit n/a ,442 1,442 Instruction n/a Instructional Supervision and Administration n/a Instructional Library, Media and Technology n/a School Site Administration n/a Home-to-School Transportation n/a Food Services n/a All Other Pupil Services n/a Ancillary Services n/a Community Services n/a 6000 Enterprise Activities n/a All Other General Administration n/a 7700 Centralized Data Processing n/a Plant Services ,120 2,120 TOTALS 2,120 2,120 2,120 2,120 Other Postemployment Benefits (Net OPEB Obligation) Year 2: Entry CE021 Postemployment Benefits Other than Pensions (OPEB) To recognize any difference between OPEB costs as defined by generally accepted accounting principles, and amounts actually contributed Function (Resource) Extracted Data Default Conversion of Extracted Data Conversion Object Entry Account Description Debit Credit Debit Credit Debit Credit n/a ,720 1,720 Instruction n/a Instructional Supervision and Administration n/a Instructional Library, Media and Technology n/a School Site Administration n/a Home-to-School Transportation n/a Food Services n/a All Other Pupil Services n/a Ancillary Services n/a Community Services n/a 6000 Enterprise Activities n/a All Other General Administration n/a 7700 Centralized Data Processing n/a Plant Services ,530 2,530 TOTALS 2,530 2,530 2,530 2,530 Other Postemployment Benefits (Net OPEB Obligation) June 2012

20 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO PAYMENTS FOR OPEB OPTION 1: VENDOR PAYMENT IN GENERAL FUND Payroll would post in July to 9511 with an offset to and To clear, district needs to reverse these entries once posted. STEP 6 July Payroll xxxx xxxx xxxx Post PAYACR x% xxxx-9511 xxxx-9511 xxxx July Payroll Post PAYACR $y per FTE To reverse the PAYACR entries: STEP 7 xxxx-9511 xxxx xxxx Original Entries Reverse PAYACR entries = 0 = 0 = May 2011

21 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO PAYMENTS FOR OPEB OPTION 2: VENDOR PAYMENT IN FUND 67 During the year, the district pays premiums from Fund 67 for pay-as-you-go vendor payments. If the district chooses to use the RTBEN payroll screen to generate the vendor payment, the following entry is needed because RTBEN only accepts the 3701 and 3702 object numbers: STEP 1a / RTBEN 2,880 2,880 Vendor Payment The district would need to move the pay-as-you-go payment from /3702 to in order to properly record the OPEB vendor payment in Fund 67. STEP 1b Original /3702 2, Entries Transfer 2,880 2,880 to Object 5800 = 0 = 2,880 The payroll process allocates OPEB at the district determined rate of x% and direct charges OPEB at rate of $y per OPEB-eligible FTE. These dollars will post into the FIS system, by resource, as indicated: STEP 2 Payroll xxxx xxxx ,000 xxxx ,500 Process x% xxxx-3751 xxxx-3752 xxxx Payroll ,200 Process $y per FTE The June 30th payroll accrual will post with an offset, by resource, to 9510 Current Liability as indicated: STEP 3 xxxx-3711 xxxx-3712 xxxx-9510 June 30th Payroll Accrual Process x% xxxx-3751 xxxx-3752 xxxx-9510 June 30th Payroll Accrual Process $y per FTE The net result is that the same OPEB costs have been charged to both Object 5800 and the sum of Objects 3711,3712 and 3751, The charges to the 3700 object codes will become the source of funds to the vendor payment in Fund May 2011

22 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO PAYMENTS FOR OPEB OPTION 2: VENDOR PAYMENT IN FUND 67 The district first needs to transfer the amounts in and to Fund 03, Resource 0000, Object 9570 (Current Liability OPEB). This has been partially automated through the OPEBRM process in FIS. OPEBRM03 and OPEBRM04 will move everything in and to 9570 for each fund. OPEBRM02 will move any 9570s from Fund 06 into Fund 03. An auditor's transfer or due to due from will be necessary to move 9570s from any other fund such as 11, 12, or 13 into Fund 03. STEP 4a Original xxxx ,500 xxxx , Entries Transfer 1,500 1,200 2,700 to Object 9570 = 0 = 0 = 2,700 The district would also need to move the current liability OPEB payroll accrual from xxxx to STEP 4b xxxx-9510 xxxx Original Entries Transfer to Object 9570 = 0 = 0 = 180 Once all the liability is in Object 9570, the district can transfer these funds to Fund 67 using Object 8674 (In -District Preminums/Contributions). This provides the revenue for the vendor payment that was originally charged to Fund 67, Object STEP 5 Original , Entries Reconciling 2,880 2,880 Entry = 0 = 2,880 The charges to 3711, 3712 and 3751, 3752 remain in your books to show the required distribution of OPEB costs. NET OPEB OBLIGATION Since Fund 67 is full-accrual accounting, a year-end closing entry needs to be done to recognize the "Net OPEB Obligation" in Object This is the Annual Required Contribution (ARC) minus the vendor payment in Object May 2011

23 RECONCILING ALLOCATED AND DIRECT CHARGED PAYROLL COSTS WITH PAY-AS-YOU-GO FOR OPEB OPTION 2: VENDOR PAYRMENT IN FUND 67 If the district did full implementation of GASB 45 in the prior year, adjustments must also be made for interest and/or for any subsequent actuarial study. In Year 1, assume the ARC was $5,000 and the vendor payment was $2,880 for a difference of $2,120. In Year 2, a new actuarial study was performed and calculated an ARC of $5,500. The vendor payment remained at $2,120. Interest Calculation No interest is calculated in Year 1. Assume the interest rate in Year 2 is 3.012%. Interest will be calculated in Year 2 by multiplying the Net OBEB Obligation from Year 1: $2,120 X 3.012%= $64 Adjustment to Annual Required Contribution Once a new actuarial study is done, OPEB cost must be decreased by amounts included in the subsequent calculation of the ARC to recapture, or amortize, the prior contribution deficiency. The amortization factor used in the actuarial valuation to calculate the subsequent ARC is used for this adjustment. Assume this factor is Divide the Net OPEB Obligation from the previous year (Year 1) by the amortization factor in the new study: $2,120 / = -$154. Net OPEB Obligation Calculation Year 1 Year 2 Annual Required Contribution 5,000 5,500 Interest on net OPEB Obligation 0 64 Adjustment to Annual Required Contribution Annual OPEB Cost 5,000 5,410 Contributions made 2,880 2,880 Increase in net OPEB Obligation 2,120 2,530 Net OPEB Obligation Prior Year 0 2,120 Net OPEB Obligation Current Year 2,120 4,650 STEP 6 Year Original 2,880 Entries Net OPEB 2,120 2,120 Obligation = 5,000 = 2,120 STEP 6 Year Original 2,880 2,120 Beginning Balance Entries Net OPEB 2,530 2,530 Obligation = 5,410 = 4, June 2012

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