GASB Rules for OPEB Reporting in North Carolina

About the New Standards

The Governmental Accounting Standards Board (GASB) has issued Statement 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans and Statement 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. Statement 74 which is effective beginning with fiscal years ended June 30, 2017 supersedes Statement 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.  It is important to note that units that do not have assets set aside in a GASB defined trust do not have anything to implement with GASB Statement 74.  Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, will be replaced by Statement 75 which is effective beginning with fiscal years ending June 30, 2018.  Statement 75 should be implemented by all units that provide postemployment benefits other than pensions to their employees.  

These statements apply to postemployment benefits other than pensions, the most common being health, dental, vision, and life insurance benefits for retirees.  These standards will change the way plans and employers report and disclose information relating to Other Postemployment Benefits (OPEB) arrangements.  The intent of the standards is to improve the usefulness of the reporting information and increase transparency.  As with the pension standards issued earlier, it is important to remember that the standards focus on accounting for the costs and obligations of OPEB and avoid establishing guidance on funding.    

Unlike with the pension standards, most of these OPEB arrangements will be single-employer plans that are owned by the employer.  Thus, the employer will bear most of the responsibility for the information and reporting for these single-employer plans.  An actuarial valuation will be necessary to provide the financial information needed to properly comply with the two standards; for any single-employer plans, the responsibility of obtaining this will rest on the shoulders of the plans and employers.  

North Carolina offers two cost-sharing, multiple-employer, defined-benefit plans that are available to select employers in the State:  

•    State Health Plan retiree benefits are provided through the Retiree Health Benefit Fund (RHBF)

•    Disability Income Plan of North Carolina (DIPNC)

Participants in either of these plans will receive any information necessary to comply with the reporting requirements of these standards from the State.  

The North Carolina Department of State Treasurer will continue to provide guidance and assistance to units affected by these standards. 

Implementation year journal entry templates for single-employer OPEB plans
OPEB plans with trust
Implementation Year OPEB Trust Template
​OPEB not accounted for in a trustImplementation Year OPEB Non-trust Template

Implementation Information for Cost-sharing Plans

June 30, 2017 Measurement Date

Information in this section should be used by units with fiscal year ends between July 1, 2017 and June 30, 2018.


Measurement Date June 30, 2017
Office of State Auditor Financial Audit Reports
​Data Tables  ​RHBF ​  DIPNC
Journal Entry Templates  RHBF   DIPNC
Valuation Reports
(prepared as of December 31, 2016)


Resource Description​
​Information and resources to facilitate the understanding and implementation of GASB 74 and GASB 75
Other Post-Employment (OPEB) Memos
Ancillary Governmental Participant Investment Program (AGPIP) - North Carolina Department of State Treasurer investment program for OPEB and LEOSSA funds. Includes template trust agreement and board resolution.

Annual Financial Information Report (AFIR)
Annual Audit Forms and Resources
Cash and Investments
Other Post-Employment Benefits (OPEB) Resources
Non-Audit Services
Aids to Financial Statement Preparation
Secondary Market Disclosure
Ancillary Governmental Participant Investment Program (AGPIP)