The Government Accounting Standards Board gave its preliminary approval Wednesday to new standards that would force greater transparency in the accounting of health care obligations to government retirees.
The seven-member GASB voted unanimously to advance two draft proposals addressing the reporting of what are known as "other post-employment benefits," or OPEB, including retiree health insurance.
Once passed, these measures would require governments to recognize the net liabilities of their OPEBs on the face of their financial statements.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
