Deputy Director of Administrative and Management Services
Based on actual services requested
The cost is calculated by the services requested. A more detailed cost can be given once you have spoken with the Chief Actuary.
We provide Public School Districts, BOCES, and Public Entities with:
Capital Region BOCES offers a unique service that you cannot find anywhere else. Our promise is to:
Q: What is GASB 45?
A: GASB 45, or GASB Statement 45, is a financial reporting provision requiring employers to measure and report the liabilities associated with the Other (than pension) Postemployment Benefits (or OPEB). Reported OPEBs may include post – retirement medical, pharmacy, dental, vision, life, long – term disability, and long-term care benefits that are not associated with a pension plan. Government employers required to comply with GASB 45 include all states, towns, education boards, public schools, and all other government entities that offer OPEB and report under GASB. GASB 45 is part of your end – of – year audit.
Q: How do I determine if I am on
a Biannual or Triannual Valuation schedule?
A: If your Total membership is below 200 employees (Actives, Retirees, & Surviving spouses) then you will be on a Triannual Schedule. Your first year will be a Full Valuation and the next two years are Estimated (Updated) Valuations. If your Total membership is above 200 employees (Actives, Retirees, & Surviving spouses) then you will be on a Biannual Schedule. Your first year will be a Full Valuation and the next year is an Estimated (Updated) Valuation.
Q: What is the difference between a Full Valuation and an Estimated (Updated) Valuation
A: A Full Valuation is when the actuary performs a valuation based off of new data from the client containing census data, premium rates, contribution amounts, etc. The Estimated (Updated) Valuation is when the actuary performs a valuation based off of estimates from the previous report. During the year of the Estimated (Updated) report, the actuary does not require new census data from the client.