Experience preparing or auditing financial statements for state and local governments that offer pension or other postemployment benefits (OPEB) to employees, or financial statements of pension or OPEB plans.
Anyone involved with preparing or auditing: 1) financial statements for state or local governments that offer pension or other postemployment benefits (OPEB) to employees, or 2) financial statements of pension or OPEB plans.
The seminar is designed to equip participants with a solid working knowledge of accounting and financial reporting for both pensions and OPEB. It also offers practical guidance on how to prepare a comprehensive annual financial report (CAFR) for a public employee retirement system (PERS).
Those who successfully complete the seminar should be able to:
- Distinguish pension benefits from OPEB;
- Distinguish postemployment benefits from termination benefits;
- Identify each of the different types of pension and OPEB arrangements;
- Understand the appropriate accounting and financial reporting for employers in each type of arrangement;
- Describe the basic elements of an actuarial valuation;
- Identify the five major sections of a PERS CAFR and the contents of each; and
- Determine the appropriate measure of cost for termination benefits.
PARTICIPANTS ARE ENCOURAGED TO BRING WITH THEM A COPY OF THEIR GOVERNMENT’S OR PENSION PLAN’S CAFR.