The Governmental Accounting Standards Board (GASB), recently issued two standards related to other postemployment benefits (OPEB), Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB Plan), and Statement No. 75, Accounting and Financial Reporting by Employers for Postemployment Benefits Other
Than Pensions (OPEB Employer).

GASB 75 replaces the requirements of Statements No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, as amended, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, for OPEB. Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, establishes new accounting and financial reporting requirements for OPEB plans.

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