Other Post-Employment Benefits ( OPEB ) Pre-Funding
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1 Other Post-Employment Benefits ( OPEB ) Pre-Funding John C. Robinson, CTP Senior Managing Consultant Multi-Asset Class Portfolio Strategist December 4, 2017 PFM Asset Management LLC. 221 West 6 th Street Suite pfm.com Austin, Texas PFM PFM Asset Management LLC 2 2 1
2 Objectives What is OPEB? Implications of New GASB Rules Benefits of Pre-Funding a Trust Types of Trusts Creating an Investment Program Appendix: OPEB and GASB Rules Cheat Sheet PFM 3 I. What is OPEB? PFM 4 2
3 What is an OPEB? Form of deferred compensation Promise to provide retiree benefits must now be accrued during the working years of employees Post-retirement benefit other than pension Including: Retiree medical, life, vision, dental Implicit retiree medical subsidy Not Including: Early retirement incentives, severance based on unused sick pay, vacation and compensated absences Multiple funding options PFM 55 Losing Purchasing Power 3.00 Healthcare CPI Inflation Rate (Core PCE) Percent (%) Investment Rate 0.50 (3 month Treasury) 0.00 Jan-2009 Apr-2012 Jul-2015 PFM Source: Bureau of Labor Statistics 6 3
4 OPEB Funded Ratio Distribution 0% Funded 0% - 1% 1% - 5% 5% - 10% 10% - 20% 20% - 40% 40% - 60% Above 60% WA OR NV CA ID UT AZ MT WY CO NM ND MN NY WI SD MI PA IA NE OH IN IL WV VA KS MO KY NC OK TN AR SC MS AL GA ME TX LA AK FL HI Note: Oklahoma does not report implicit subsidy of its retirement plan death and disability benefits as a separate unfunded OPEB. Nebraska and South Dakota do not offer other OPEBs. PFM Source: Standard & Poor s Considerations Healthcare inflation rate historically outstrips CPI Medicare Age increases result in higher liabilities Affordable Care Act does not relieve employers of liabilities Many public OPEB liabilities have grown significantly Government employers are required to comply with GASB New GASB rules will force governments to recognize liabilities on the balance sheet PFM 8 4
5 II. Implications of New GASB Rules PFM 9 Background In 1994, GASB established standards for public pensions, but not OPEB benefits Cash outlays vs. OPEB costs earned by employees GASB No. 43, No. 45 issued in 2004 PFM 10 5
6 GASB 45-Regulations GASB 45 Creation In June 2004, the Governmental Accounting Standards Board ( GASB ) published Statement No. 45 Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions Other Post-Employment Benefits ( OPEBs ) are compensation for employee services that are realized at some point in the future Why GASB 45? Postemployment healthcare benefits pose significant costs for most governments Postemployment healthcare benefits are the most common form of OPEBs Current pay-as-you-go financial reporting fails in regard to OPEBs for several reasons, including: This type of reporting does not recognize the cost of benefits in periods when they were earned, and Current reporting fails to provide assessment of future cash flow needs and demands. Source: GASB website; PFM 11 GASB 45-Regulations What does GASB do? GASB 45 states that the cost of OPEBs should be associated with the periods when benefits are paid or provided GASB requires governments to report annual OPEB costs as well as unfunded actuarial accrued liabilities for past service costs This increases accounting reporting transparencies related to the costs associated for services provided Implementation Timeline Phase Government Size Implementation Date (by revenue) Phase 1 $100 Million December 15, 2006 Phase 2 $ Million December 15, 2007 Phase 3 Less than $10 Million December 15, 2008 Source: GASB website; PFM 12 6
7 Updated GASB Accounting and Reporting GASB Statements 74 & 75 replaced GASB 45 in June 2015 Applies same structure and approach to OPEB Removes Annual Required Contribution ( ARC ) from statement thus divorcing accounting from funding GASB Statement Required for FY starting after Generally in Reports for FY Ending GASB 74 June 15, 2016 June 30, 2017 GASB 75 June 15, 2017 June 30, 2018 Defines more conservative assumptions and variables Creates broader transparency into total accrued liabilities Discount rate assumptions will be somewhat more defined Introduces the concept of depletion into the liability discounting process Significantly increases supplemental information disclosures Requires participants in multi-employer plans (i.e., school systems that are part of a statewide pension plan) to report significantly more information, and record a proportional share of the plan Source: GASB website; PFM 13 How GASB 74 & 75 Impact Annual Financial Reporting GASB requires that the OPEB valuation be included on a balance sheet as a long-term liability Given the current ratings environment, an increase in long-term liabilities related to OPEBs may negatively affect bond rating Cash designated to cover an OPEB liability will not reduce the OPEB liability on the balance sheet unless invested in an irrevocable trust Investing in equities is one way to increase the actuary s assumed rate of return and may lower the amount of funds that must be invested PFM 14 7
8 GASB 74/75 Impact on Financials GASB Change Expense Volatility Impact on Liabilities Unfunded liability on balance sheet Accrued unfunded liability recognized immediately Lower discount rate ARC requirement eliminated?? PFM 15 OPEB Balance Sheet Change Illustration Under GASB 74/75, the Net liability will be reflected in the balance of the CAFR versus being shown in the notes of the CAFR. Illustrative Purpose Only PFM
9 III. Benefits of Pre-Funding a Trust PFM 17 Common Funding Strategies PAYGO ( Pay as you go ) Advantages Convenient Possibly cost effective Internal Service Fund Reserve Advantages Can match assets with liabilities, address inflation Assets revert to General Fund Can use funds if needed 04:59 04:58 04:57 04:56 04:55 04:54 04:53 04:52 04:51 04:50 04:49 04:48 04:47 04:46 04:45 04:44 04:43 04:42 04:41 04:40 04:39 04:38 04:37 04:36 04:35 04:34 04:33 04:32 04:31 04:30 04:29 04:28 04:27 04:26 04:25 04:24 04:23 04:22 04:21 04:20 04:19 04:18 04:17 04:16 04:15 04:14 04:13 04:12 04:11 04:10 04:09 04:08 04:07 04:06 04:05 04:04 04:03 04:02 04:01 04:00 03:59 03:58 03:57 03:56 03:55 03:54 03:53 03:52 03:51 03:50 03:49 03:48 03:47 03:46 03:45 03:44 03:43 03:42 03:41 03:40 03:39 03:38 03:37 03:36 03:35 03:34 03:33 03:32 03:31 03:30 03:29 03:28 03:27 03:26 03:25 03:24 03:23 03:22 03:21 03:20 03:19 03:18 03:17 03:16 03:15 03:14 03:13 03:12 03:11 03:10 03:09 03:08 03:07 03:06 03:05 03:04 03:03 03:02 03:01 03:00 02:59 02:58 02:57 02:56 02:55 02:54 02:53 02:52 02:51 02:50 02:49 02:48 02:47 02:46 02:45 02:44 02:43 02:42 02:41 02:40 02:39 02:38 02:37 02:36 02:35 02:34 02:33 02:32 02:31 02:30 02:29 02:28 02:27 02:26 02:25 02:24 02:23 02:22 02:21 02:20 02:19 02:18 02:17 02:16 02:15 02:14 02:13 02:12 02:11 02:10 02:09 02:08 02:07 02:06 02:05 02:04 02:03 02:02 02:01 02:00 01:59 01:58 01:57 01:56 01:55 01:54 01:53 01:52 01:51 01:50 01:49 01:48 01:47 01:46 01:45 01:44 01:43 01:42 01:41 01:40 01:39 01:38 01:37 01:36 01:35 01:34 01:33 01:32 01:31 01:30 01:29 01:28 01:27 01:26 01:25 01:24 01:23 01:22 01:21 01:20 01:19 01:18 01:17 01:16 01:15 01:14 01:13 01:12 01:11 01:10 01:09 01:08 01:07 01:06 01:05 01:04 01:03 01:02 01:01 01:00 00:59 00:58 00:57 00:56 00:55 00:54 00:53 00:52 00:51 00:50 00:49 00:48 00:47 00:46 00:45 00:44 00:43 00:42 00:41 00:40 00:39 00:38 00:37 00:36 00:35 00:34 00:33 00:32 00:31 00:30 00:29 00:28 00:27 00:26 00:25 00:24 00:23 00:22 00:21 00:20 00:19 00:18 00:17 00:16 00:15 00:14 00:13 00:12 00:11 00:10 00:09 00:08 00:07 00:06 00:05 00:04 00:03 00:02 Disadvantages Creates largest liability Guaranteed loss to inflation Does not address problem Disadvantages Limited solution No GASB benefits (full liability remains) PFM 18 9
10 Common Funding Strategies Irrevocable Trust Advantages GFOA best practice* Allows investment in higher return securities Better mediation against risks of healthcare inflation and Medicare age increases GASB reporting benefits Minimizes liability on financial statements 04:59 04:58 04:57 04:56 04:55 04:54 04:53 04:52 04:51 04:50 04:49 04:48 04:47 04:46 04:45 04:44 04:43 04:42 04:41 04:40 04:39 04:38 04:37 04:36 04:35 04:34 04:33 04:32 04:31 04:30 04:29 04:28 04:27 04:26 04:25 04:24 04:23 04:22 04:21 04:20 04:19 04:18 04:17 04:16 04:15 04:14 04:13 04:12 04:11 04:10 04:09 04:08 04:07 04:06 04:05 04:04 04:03 04:02 04:01 04:00 03:59 03:58 03:57 03:56 03:55 03:54 03:53 03:52 03:51 03:50 03:49 03:48 03:47 03:46 03:45 03:44 03:43 03:42 03:41 03:40 03:39 03:38 03:37 03:36 03:35 03:34 03:33 03:32 03:31 03:30 03:29 03:28 03:27 03:26 03:25 03:24 03:23 03:22 03:21 03:20 03:19 03:18 03:17 03:16 03:15 03:14 03:13 03:12 03:11 03:10 03:09 03:08 03:07 03:06 03:05 03:04 03:03 03:02 03:01 03:00 02:59 02:58 02:57 02:56 02:55 02:54 02:53 02:52 02:51 02:50 02:49 02:48 02:47 02:46 02:45 02:44 02:43 02:42 02:41 02:40 02:39 02:38 02:37 02:36 02:35 02:34 02:33 02:32 02:31 02:30 02:29 02:28 02:27 02:26 02:25 02:24 02:23 02:22 02:21 02:20 02:19 02:18 02:17 02:16 02:15 02:14 02:13 02:12 02:11 02:10 02:09 02:08 02:07 02:06 02:05 02:04 02:03 02:02 02:01 02:00 01:59 01:58 01:57 01:56 01:55 01:54 01:53 01:52 01:51 01:50 01:49 01:48 01:47 01:46 01:45 01:44 01:43 01:42 01:41 01:40 01:39 01:38 01:37 01:36 01:35 01:34 01:33 01:32 01:31 01:30 01:29 01:28 01:27 01:26 01:25 01:24 01:23 01:22 01:21 01:20 01:19 01:18 01:17 01:16 01:15 01:14 01:13 01:12 01:11 01:10 01:09 01:08 01:07 01:06 01:05 01:04 01:03 01:02 01:01 01:00 00:59 00:58 00:57 00:56 00:55 00:54 00:53 00:52 00:51 00:50 00:49 00:48 00:47 00:46 00:45 00:44 00:43 00:42 00:41 00:40 00:39 00:38 00:37 00:36 00:35 00:34 00:33 00:32 00:31 00:30 00:29 00:28 00:27 00:26 00:25 00:24 00:23 00:22 00:21 00:20 00:19 00:18 00:17 00:16 00:15 00:14 00:13 00:12 00:11 00:10 00:09 00:08 00:07 00:06 00:05 00:04 00:03 00:02 * Disadvantages May require higher budget commitment upfront Requires outside assistance Ongoing budgetary commitment PFM 19 Funding Your OPEB Liabilities Why Pre-Fund OPEB liabilities? GASB 74 & 75 make OPEB a long term liability, which must be reported in the annual financial report Multiple outside entities use the annual report to assess the creditworthiness and financial soundness Auditors Ratings Agencies Investors and Creditors Public Agencies Funding liabilities now avoids pushing the funding problem onto future generations of boards and administrations Taking advantage of higher discount rate Potential reduction in budgetary appropriation Possible lower funding cost Funding compensation/benefit package for employees PFM 20 10
11 Advantage of Funding Liabilities Now $1 million invested on day 1, assuming an annual return of 7%, will grow to $7.6 million at the end of 30 years* The difference between investing now and investing in 5 years is $2.2 million in lost earnings Delaying of funding for 10 years could result in $3.8 million in lost earnings Growth of Initial $1 million Investment* Invest today vs. 5 years vs. 10 years 9,000,000 7,000,000 Now 5 Years 10 Years $7,612,255 *Example represents growth of original deposit at an annual earnings rate of 7%, which is an average long-term rate of return for a balanced fixedincome and equity portfolio; assumes no redemptions of funds. 5,000,000 $5,427,433 Model returns may not reflect material economic or market factors. 3,000,000 $3,869,684 Returns are shown before any fees. Do not assume that the recommendations made in the future will be profitable or will equal the performance cited. 1,000, Years PFM 21 Discount Rates Under GASB 43/45 and GASB 74/75 Current Standard: GASB 43/45 New Standard: GASB 74/75 A blended discount rate that reflects the proportionate amounts of plan and employer assets expected to be used to pay benefits as they come due No single approach may fit all situations Blend the rate based on funded ratio Blend the rate based on percentage of the ARC being contributed In many cases the actuaries seem to simply apply the investment return rate to the entire liability amount if the plan sponsor is making reasonable progress toward increasing the funded ratio and annual funding of the ARC The plan and plan sponsor may continue to follow their previous approach for funding purposes, but the reporting on the GASB basis will be based on one standard: The expected rate of return on plan assets, to the extent plan assets are projected to be available for the payment of future benefits The yield of 20-year, tax-exempt municipal bonds for the remainder of future payments which will be all future payments if there is no Trust Based on the implementation of the GASB 67/68 standard, plan assets will be projected to be available for the payment of future benefits if the plan sponsor has an actual track record of contributing the full ARC If there is not a track record of contributing the full ARC, as is likely in the OPEB space, if there are assets the projected cash flows of benefits, investment returns, employer and employee contributions based on historical patterns, and the asset levels will be combined to identify a potential depletion date The rate is based on facts and circumstances of the client and final determination by the actuary. We have greater ability to project a depletion date under the new standards, but still require the PFM particular financial and actuarial data of the client to do so
12 Rating Agency Treatment of OPEB Moody s State/Local Pre-funding of OPEB liabilities moderately credit positive Does not add OPEB directly to the scorecard; below-the-line adjustment if liabilities appear large relative to budget and tax base and management has not addressed S&P State Debt and liability scores include a score for OPEB risk assessment based on relative unfunded liability compared to other states, an assessment of the flexibility to change the benefits, and strategy for cost management S&P Local OPEB evaluation focuses on required contribution rather than unfunded liabilities Adds debt, pension, and OPEB contributions together To the extent that pre-funding reduces the unfunded liability by building assets and by enabling a lower discount rate, the rating would be improved Fitch Adds debt, pension and OPEB contributions together Pre-funding OPEB adjusts the debt and liability score upward The exact benefit to the scorecard is based on the specific financial data of the client. In some cases we can analyze the scorecard for a specific issuer and estimate an indicative score for that specific category. In others the rating framework is more qualitative and estimating an indicative score is not PFM possible. 23 Benefits of an Irrevocable Trust Earn a higher rate of return than cash more efficient use of resources Reduce the unfunded liability that will be reported on the balance sheet following GASB 74/75 by: Dedicating assets to decrease Net OPEB Liability Allowing application of the higher discount rate to some portion of the liability Offset the % growth in costs of the medical benefits by investing in long-term assets The cost of the benefit is funded when earned, instead of passed to future taxpayers/ ratepayers PFM 24 12
13 IV. Types of Trusts PFM 25 GASB Rules for an OPEB Trust Current GASB standards state that to be allowed as a direct balance sheet offset to the OPEB liability, the OPEB assets must have the following characteristics: 1 1. Must be irrevocable; 2. Remote from creditors; and, 3. For the exclusive benefit of participants and beneficiaries. Remoteness from creditors has been widely viewed as having two components: The trust is its own legal entity; and, The employer and its agents do not exert specific control over investment of the assets. Employing a discretionary advisor assists in meeting the remoteness standard. 1 Current GASB Standards 43 & 45 PFM 26 13
14 Single Employer Trust Sponsored by the employer May be set up to accept: OPEB or pension contributions Offers great customization to employers with unique needs: Documents Legal terminology and language Distributions Offers an employer greater flexibility and control PFM 27 Multiple Employer Trust Sponsored by Plan Administrator and a Trustee Bank, or by two or more governments May be set up to accept: OPEB or Pension contributions Multiple employers adopt the same trust Employer signs an adoption agreement to participate Each employer has a unique account (s) May have lesser ability for customization Offers an employer simplified, quick access e.g., no need to create a new legal documents PFM 28 14
15 Single Employer vs. Multiple Employer Trust Single Employer Multiple Employer Governing Board Not required (but an oversight committee is) 1 Not required Set-up Start new (or existing trust) Existing trust Documents Created new by attorney, or existing template Existing master trust (vetted) 2 IRS Private Ruling Not required (IRC 115) Not required Customization High May be limited Investment Flexibility High May be limited Control High May be limited Fees Depend on level of assets Depend on level of assets 1 This group would oversee the trust from the employers perspective to ensure it continued to meet the employer s needs (i.e., was prudent). 2 An adoption agreement and service agreement may contain customization options for employers. PFM 29 V. Creating an Investment Program PFM 30 15
16 OPEB Obligation Management Process 1. Complete an Actuarial Study 2. Develop an Implementation Plan 3. Designate Oversight Committee 4. Evaluate Implications of Funding Choices 5. Establish OPEB Trust 6. Determine the Appropriate Asset Allocation 7. Implement Plan and Oversee OPEB Assets PFM 31 OPEB Trust Funding Options Annual budget appropriation Strategic funding allocation from the general fund investment portfolio Appropriation of a funding amount from a one-time revenue source (initial funding amount) Some percentage of debt service savings for general fund PFM 32 16
17 Develop Investment Policy Statement Compile written Investment Policy Statement to provide guidelines on: Investment Authority & Objectives Incorporate Asset Allocation Targets and Ranges Selection of Investment Managers Guidelines for Portfolio Holdings Performance Standards Control Procedures Investment Policy Statement Annual Investment Policy Review PFM Capital Market Assumptions Interm ediate:next 5 Years Long Term Projections Expected R etu rn Exp ected Risk Expected Return Expected Risk US Equity 7.0% 17% 7.7% 16% International 6.6% 18% 7.7% 17% Developed Equity Em erging M arkets 6.1% 24% 7.7% 20% Equity Core Bonds 1.5% 4% 5.5% 5% Interm ediate 1.9% 6% 6.3% 7% Investm ent G rade Em erging M arkets 4.0% 10% 7.3% 10% Debt High Yield 4.8% 10% 6.8% 10% Bank Loans 4.5% 6% 5.2% 6% REITs 5.5% 12% 6.4% 12% Private Equity Real 6.8% 15% 7.7% 15% Estate Commodities 3.9% 16% 5.3% 16% H edge Funds 5.9% 15% 7.3% 15% Private Equity 8.7% 25% 9.6% 25% Cash 1.9% 1% 3.3% 1% For the intermediate term (up to five years), our capital market assumptions derive from our assessment of current economic conditions, including corporate profits, balance sheets, etc, and current valuations for various asset classes. Our long-term assumptions are derived using an economic building block approach that projects economic and corporate profit growth and takes into consideration the fundamental factors driving long-term real economic growth, our expectation for inflation, productivity and labor force growth. PFM 34 17
18 2017 Capital Market Assumptions, Cont. C orrelations US Equity International Em erging Developed Markets Equity Equity Intermediate Em erging Core Investm ent Markets Bonds Grade Corp Debt High Yield Bank Loans REITs Private Equity Real Com m odities H edge Funds Estate Private Equity Cash US Equity 1 International Developed Equity Em erging Markets Equity Core Bonds Interm ediate Investm ent Grade Em erging Markets Debt High Yield Bank Loans REITs Private Equity Real Estate Commodities H edge Funds Private Equity Cash Please refer to PFM s 2017 Capital Market Assumptions for a complete description of the methodology used to develop these assumptions and important disclosures. PFM 35 Determine Appropriate Asset Classes PFM 36 18
19 Efficient Frontier Based on Long-Term Capital Market Assumptions Expected Return 40/60 35/65 30/70 25/75 20/80 65/35 60/40 55/45 50/50 70/30 75/25 Domestic Equity International Equity 100 FI Alternatives Fixed Income Expected Risk PFM 37 Determine the Appropriate Asset Allocation Multi Asset Class Portfolio 40% 60% Greater return potential (4% to 7%) Invests in securities with return expectations to more closely match liability growth Actuary, Investment Advisor, and Board should determine the asset mix Stocks Bonds PFM 38 19
20 Implement Plan and Oversee OPEB Assets Your Board/Committee maintains fiduciary responsibility Key Items to Update & Monitor: Investment Policy Development Portfolio Diversification / Risk Investment Advisor Fees Investment Fund Fees Investment Performance Key Parties to Engage: Finance Department Actuary Investment Advisor Procurement Custodian/Trustee PFM 39 Questions???? PFM 40 20
21 VI. Appendix: GASB Rules Cheat Sheet PFM 41 Important OPEB Definitions (will change with new standards) Pay As You Go (PAYGO) Current year out of pocket claims and insurance premiums payable Actuarial Accrued Liability (AAL) The existing liability for OPEB Unfunded Actuarial Accrued Liability (UAAL) The existing unfunded liability for OPEB which is amortized over a period of years. Normal Cost The cost of future benefits earned by employees in the current year. Annual Required Contribution (ARC) Amortized Unfunded Actuarial Accrued Liability + Normal Cost. Net OPEB Obligation (NOO) OPEB amount stated on balance sheet, cumulative ARC less qualifying OPEB assets. PFM 42 21
22 GASB Rules for OPEB (1 of 4) Feature GASB 45 GASB Potential Impact OPEB Liability The difference between the actuarial funding requirement (Annual OPEB Cost, AOC) and what was actually funded is recorded on the Statement of Net Position as a liability (or asset). The full liability is addressed in the notes and as supplemental information. The entire net, or unfunded, portion of the OPEB liability will be recognized in the Statement of Net Position in the government s financial statements. Combined with the other changes from pronouncements 67, 68, 74 and 75, many governments that previously had a positive Net Position could be in a negative position following implementation. Cost Allocation/ Expense Recognition Six methods allowed including Projected Unit Credit, which is the prevailing standard for private pensions The present value of projected future benefit payments will be attributed only through the entry age actuarial cost method using level percentage of payroll The entry age actuarial cost method may result in a higher liability measure than the other measures that were previously allowed PFM 43 GASB Rules for OPEB (2 of 4) Feature GASB 45 GASB Potential Impact Discount rate A policy rate for Measuring selected based on Liability expected long-term investment returns A hybrid of the current practice and the more conservative rules for private sector accounting, which are based on the cost of debt/other liabilities. The portion of benefit payments not expected to be funded by trust assets must be discounted using a high-quality taxexempt 20-year general obligation municipal bond rate. An increase in reported liability for the majority of plans that continue to fund OPEB as a pay-asyou-go expense, and for plans that are projected to deplete their funds. Amortization of Accrued Liability Unfunded liability could be recognized over open or closed periods of up to 30 years The net unfunded liability accrued to date will be recognized immediately. Issuers and plans may continue to use alternate amortization methods for their funding policy. The reported liability will increase significantly PFM 44 22
23 GASB Rules for OPEB (3 of 4) Feature GASB 45 GASB Potential Impact Amortization of Changes in Expense/ Liability Calculation of Expense Open or closed periods of up to 30 years The AOC adjusts the ARC, based on normal cost and the amortization of accrued liability on an open or closed period of up to 30 years, for any cumulative unpaid ARC to date Depending on the cause of the change, either immediate, five years, or a closed period based on the average expected remaining service life for actives and inactives The expense or change in net position is equal to a number of factors (service cost, interest, changes of benefit terms or assumptions, experience, etc.) The ARC will no longer be a required calculation, and plans will have to set funding on an Actuarial Determined Calculation based on their choice of assumptions. Increased amount and volatility of expense Annual expense will be more volatile. Funding policy will be separated from accounting, and more responsibility for setting funding policy and reporting funding progress will be placed with the plan and issuer PFM 45 GASB Rules for OPEB (4 of 4) Feature GASB 45 GASB Potential Impact Reporting for Cost- Sharing Multiple- Employer Plans Report only the contractual or statutory amount contributed to the OPEB plan as an expense Will report OPEB expense, net liability, and the supporting actuarial data based on their proportionate share of the collective amounts for all governments in the plan In conjunction with the similar requirement from GASB 67 and 68 this will be a major change for these employers and will provide information that the bond rating agencies have not been able to consistently incorporate into their ratings previously. Asset Valuation Note Disclosures OPEB trust fund values can be smoothed over up to a 30-year period Information on the plan, benefits, total Unfunded Actuarial Liability, and actuarial assumptions Plan assets must be measured at market value as of the end of the reporting period Significantly expanded detail of actuarial assumptions, as well as sensitivity analyses for projected costs and investment returns, and ten-year historical data on liabilities, expenses, funding. Net Liability and expense will be more volatile More extensive information on plan trends and financial position. PFM 46 23
24 Disclaimers Any investment advice in this document is provided solely by PFM Asset Management LLC. PFM Asset Management LLC ( PFMAM ) is an investment advisor registered under the Investment Advisers Act of This material is based on information obtained from sources generally believed to be reliable and available to the public, however PFM Asset Management LLC cannot guarantee its accuracy, completeness or suitability. This material is for general information purposes only and is not intended to provide specific advice or a specific recommendation. All statements as to what will or may happen under certain circumstances are based on assumptions, some but not all of which are noted in the presentation. Assumptions may or may not be proven correct as actual events occur, and results may depend on events outside of your or our control. Changes in assumptions may have a material effect on results. Past performance does not necessarily reflect and is not a guaranty of future results. The information contained in this presentation is not an offer to purchase or sell any securities. PFM 47 24
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