GASB 45 Strategies

Benefits

This live audio conference is critical for any governmental employer with other post-employment benefits (OPEB) liabilities. The program will provide vital information and planning techniques that will enable employers to avoid the potentially disastrous consequences of failing to identify, control and fund its OPEB liabilities. Most states, municipalities and governmental agencies are aware that they are required to comply with GASB 43 and 45, but it is very important to understand the implications that a large unfunded OPEB liability will have upon their credit rating and their ability to borrow. It is also critical to understand how closely the major credit rating agencies will be monitoring their efforts to fund those unfunded liabilities. This live audio conference helps you, as the person responsible for compliance with GASB 43 and 45, understand the steps that will be required to report liabilities in accordance with GASB 43 and 45 and how to establish policies and processes to control and fund OPEB liabilities. The program also covers a systematic process for identifying and analyzing those aspects of existing programs that will yield the most tangible reductions in OPEB liabilities and other techniques to control and fund existing liabilities. Governmental entities who fail to identify, control and implement a plan to fund OPEB liabilities will most likely suffer severe downgrades in their credit ratings, greatly increasing borrowing costs and possible bankruptcy.

Agenda

Overview and Effective Dates

• Current Practices
• Changes Mandated by GASB 43 and 45
• Practical Implications of GASB 43 and 45
• Effective Dates

Plan and Trust Requirements

• GASB Requirements Concerning Trust Funds
• Funding Implications Regarding Trust Fund Requirements
• Trust Options and Alternative Arrangements
• Plan Documents and Benefits of Formally Documenting Benefit Arrangements

State Enabling Legislation

• Ability for States and Municipalities to Establish OPEB Trust Accounts
• Combining Trust Accounts and Entities for Funding, Benefit and Investment Purposes
• Cost Allocation Issues in Multiple Entity Arrangements
• Home Rule and Other Issues Concerning Municipals OPEB Systems

Benefit Cutbacks and Other Cost Saving Issues

• Legal Issues Arising in Connection With Benefit Reductions
• Negotiated Benefits and Union Contracts
• Integration With Medicare Benefits
• Other Cost Saving Measures

Conclusion Questions and Answers

Faculty

Harvey M. Katz, Esq.

• Co-chair and senior employee benefits partner at Fox Rothschild LLP
• 33 years of experience in all aspects of pension and employee benefits law
• Represented the state of Rhode Island with respect to issues relating to compliance with its reporting obligations regarding “other post-employment benefits” under GASB 43 and 45 and was involved in drafting their OPEB legislation
• Part of a team that represented the Rhode Island State Investment Commission regarding the state pension fund’s tax and compliance issues
• Represented the Connecticut State Banking Commissioner and the Maine Bureau of Financial Institutions regarding employee benefits issues, as well as the Delaware River Joint Toll Bridge Commission in its establishment of GASB policies and suitable funding vehicles, as well as establishment of a vehicle available to fund OPEB benefits for all of Pennsylvania’s hundreds of school districts
• Practice encompasses all aspects of employee benefits matters with particular emphasis on tax and IRS qualification issues for both private and public clients
• Represented both plaintiffs and defendants in connection with benefit plan related litigation, including claims denials, fiduciary responsibility, prohibited transactions, plan disqualification and tax-related issues
• Written more than 50 articles, pamphlets and other publications, including numerous articles regarding GASB 45 and 43 compliance, an extensive 70-page pamphlet regarding compliance with HIPAA’s privacy rules and a chapter titled “Handling ERISA/PBGC Claims” in the publication Bankruptcy Business Acquisitions
• Member of the National Association of Public Pension Attorneys, serves as chairman of American Society of Pension Professionals and Actuaries, Benefits Council of New York, and has achieved the highest rating in the Martindale-Hubbell Law Directory
• Lectured extensively on various topics before numerous organizations, including ASPPA, the Enrolled Actuaries Conference and many others
• Member of the New York State Bar Association, numerous U.S. District Courts, the U.S. Tax Court and the 2nd U.S. Circuit Court of Appeals
• LL.M. degree in taxation, Temple University Law School

Continuing Education Units

• CLE (Please check the "Detailed Credit Information" page for states that have already been approved)
• CPE
• Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.