Who Should Read This Notice?
This information is for finance professionals of local employers who participate in the Wisconsin Public Employers (WPE) Group Health Insurance Program and who are accountable for financial reporting under Governmental Accounting Standards Board Statement No. 75 (GASB Statement 75), “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.”
Overview
The Wisconsin Department of Employee Trust Funds provides data for retirees and COBRA participants to each local employer who participates in the WPE Group Health Insurance Program through the myETF Benefits website. This data has been updated to include member data as of December 31, 2021. Through this website, employers have year-round access to the most recent 3-years of member data. Employers have the necessary data for their active employees.
Why This is Important
The WPE Group Health Insurance Program qualifies as an Other Postemployment Benefit (OPEB) under GASB Statement 75. GASB Statement 75 is effective for financial statements for fiscal years beginning after June 15, 2017 and details the assumptions and methods used to calculate the Total OPEB liability. In order to comply with the provisions of GASB statement 75, it may be necessary for employers to complete an actuarial valuation.
Each participating employer is responsible for understanding and meeting GASB Statement 75 reporting requirements, including conducting actuarial valuations as necessary. The data for retirees and COBRA participants is provided by the ETF to aid employers with this responsibility.
For more historical information on the implementation of GASB Statement 75, see Employer Bulletin Vol. 35, No. 5, published March 2018.
For More Information
Please contact ETF at GASBmail@etf.wi.gov if you have questions related to the information provided by ETF. Contact your accounting staff and/or auditors with questions regarding the applicability or implementation of GASB Statement 75.