CSDA Creates New Benefit Program to Assist Districts with GASB 45 Requirements

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CSDA Creates New Benefit Program to Assist Districts with GASB 45 Requirements

CSDA is pleased to announce the launch this month of our newest value added benefit: the Special Districts GASB 45 Trust Program. The program is administered by PARS (Public Agency Retirement Services) and endorsed by CSDA. In cooperation with PARS, our newest endorsed Business Affiliate, CSDA has developed a program that assists districts of all sizes and types in addressing the requirements of GASB 45, using a Section 115 Trust already approved by the IRS.

In 2004, the Government Accounting Standards Board (GASB) issued Statement 45, "Accounting and Financial Reporting by Employers for Post-Employment Benefits Other than Pension." This Statement requires all public agencies to begin recognizing and accounting for the costs related to Other Post Employment Benefits (OPEBs), such as retiree healthcare benefits, to be implemented between 2007–2009 depending on an agency's annual revenues.

This new CSDA benefit program assists districts through the entire process from identifying and completing an actuarial valuation to designing a realistic plan for pre-funding their OPEB liabilities. CSDA, PARS and Union Bank of California have teamed up to offer districts access to a GASB-compliant, IRS-approved Irrevocable Trust.

For information on the Special Districts GASB 45 Trust Program by PARS, contact CSDA at 877.924.CSDA. Visit their website anytime at www.pars.org.