Other postemployment benefits
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Other postemployment benefits (or OPEB) is an accounting concept created by the Governmental Accounting Standards Board (GASB) by pronouncements designed to address expenses that entities may or may not be legally bound to pay, but pay as a moral obligation.
The applicable GASB statements are:
- Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans
- Statement No. 26, Financial Reporting for Postemployment Healthcare Plans Administered by Defined Benefit Pension Plans
- Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
- Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions
GASB pronouncements apply to governmental entities, public benefit entities, public employee retirement systems, and public utilities, hospitals and other healthcare providers, and colleges and universities.