Agenda item details
Review and Discussion of the Texas Employees Group Benefits Program: Actuarial Valuation of Retiree Health Insurance Benefits as of August 31, 2020
- Number:
- 59/2020
- Department:
- Finance
- Description:
- Review and Discussion of the Texas Employees Group Benefits Program: Actuarial Valuation of Retiree Health Insurance Benefits as of August 31, 2020
- Recommendation:
- Each fiscal year, ERS must report liabilities associated with providing retirees of state agencies and higher education institutions with post-employment benefits, such as health insurance. This assessment does not include pension benefits, and is therefore called "other post-employment benefits" or OPEB. ERS contracts the valuation to Rudd and Wisdom, Inc., consulting actuary for the Texas Employees Group Benefit Program (GBP). Rudd and Wisdom conducts the valuation in accordance with Chapter 2266, Texas Government Code, and in accordance with the financial reporting standards for state governmental plans established by the Governmental Accounting Standards Board (GASB) Statement Number 74.