GASB 45 Compliance Service
IASB has partnered with Gallagher Benefit Services, Inc. (GBS) to offer Governmental Accounting Standards Board (GASB) Statement Number 45 actuarial and consulting services. For ISEBA participants it is even easier to collect the necessary data for submission.
FY13 is the year virtually all districts, large and small, must have a valuation completed. To ensure you have this valuation done by June 30, REGISTER SOON!.
Under Iowa insurance regulations, all public school districts in the State, regardless of size, funding method or whether they actively subsidize retiree healthcare, are subject to GASB 45 beginning as early as Fiscal Year 2008. IASB's GASB 45 Compliance Service provides the full range of GASB 45 services needed by members, including calculation of all liabilities and providing the actuarial certification required for your district’s annual audit. Once your GASB 45 liabilities are determined, GBS can provide any needed consulting services to assist in developing strategies to lower future GASB liabilities.
To avoid a backlog of valuation requests near the end of the fiscal year, IASB suggests that districts start their GASB valuation processes as early as possible. The valuation can be done at any time during the fiscal year and satisfy GASB's requirements. Once completed, the valuation is valid for two or three full fiscal years, depending on the number of members covered. To reserve a date, click "Participation Agreement" below then fax or mail the completed agreement to IASB.
New GASB 45 Online Valuation Tool
IASB and its actuarial partner, Gallagher Benefits Services, Inc. (GBS), will continue to offer an online GASB 45 actuarial valuation tool for those member districts that are eligible for the Alternative (or simplified) Measurement Method permitted by the Governmental Accounting Standards Board (GASB). To be eligible for the simplified method, your district must:
- Be a sole (single) employer;
- Be fully insured; and,
- Have fewer than 100 total plan members (including eligible employees in active service, terminated employees who have accumulated benefits but are not yet receiving them, and retirees that are currently receiving benefits).
You can find the tool at this link: www.gbsinsider.com/GASB45/IASBdefault.aspx.
If you have used the online tool in the past, you may log in with your previous user name and password to submit data for an updated valuation report.
If you are unsure whether your district will qualify, the online tool has a "Do I Qualify?" questionnaire, or you may consult with your school auditor. Those that do not qualify for the Simplified Valuation may begin their Standard Valuation by submitting the Participation Agreement below.
For more information on this new GASB 45 Compliance Service, contact:
Gallagher Benefit Services - Hannah Rosser, firstname.lastname@example.org or by phone (609) 436-4872
Gallagher Benefit Services, Inc. (GBS) is the employee benefits division of the Arthur J. Gallagher Company of Itasca, Illinois, and is among the largest domestic insurance services companies.
This Association receives sponsorship revenues for the administration of this program. These benefits fund IASB member programs and services.