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Retirement Board

The Government Accounting Standard Board (GASB) organization established standards in 1994 for how public employee pension plans and governmental employers participating in pension plans should account for and report on pension benefits, but similar provisions did not exist for other post employment benefits (OPEB) such as retiree medical plan coverage paid for by the employer after a benefit eligible employee retirees. The cost of these future benefits is a part of the cost of providing public services todayThe OPEB GASB organization has issued guidelines in the accounting for these future eligible retirees OPEB plans costs. Public entities have determined their unfunded liability by obtaining an actuarial valuation for the eligible retirees benefits. Currently, the public entities are charged with funding these OPEB GASB liabilities, which for most public entities are in the millions of dollars, to ensure that the benefits can be provided to eligible retirees and dependents, if covered, in the future years.

The Antelope Valley Community College District, which has a significant OPEB GASB liability,  has created a three member Retirement Board (RB), as suggested by the California State Constitution, which will be meeting periodically to act as an oversight committee with the fiduciary liability responsibility to make sure the College’s OPEB GASB plan is being prudently managed for the benefit of eligible employees, retirees and their dependents.

Last updated: September 1, 2015