"Form for Certification of Opeb Funding Policy & Gasb Opeb Standards Reporting Compliance" - California

Form for Certification of Opeb Funding Policy & Gasb Opeb Standards Reporting Compliance is a legal document that was released by the California Public Employees' Retirement System - a government authority operating within California.

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  • Released on April 5, 2018;
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CERTIFICATION OF OPEB FUNDING POLICY &
GASB OPEB STANDARDS REPORTING COMPLIANCE
SECTION I: CERBT Asset Allocation Strategy Selection
As the employer, I certify that my agency chooses the following CERBT asset allocation
strategy.
Select one CERBT Asset Allocation Strategy:
CERBT Asset Allocation
Long-Term Expected Rate of
Standard Deviation of
Strategy
Return
Expected Return
Strategy 1
7.28%
11.74%
Strategy 2
6.73%
9.32%
Strategy 3
6.12%
7.14%
SECTION II: Funding Method
As the employer, I certify that our OPEB funding method and intent for the period
covered by our current OPEB cost report (valuation or AMM) is to contribute consistently
an amount that is equal to (select one):
ADC funding method:
% of the Actuarially Determined Contribution (ADC) as
determined in our OPEB actuarial cost report (valuation or AMM) dated
, 20
. If using an ADC, please provide the ADC amount (1
and/or 2 years) in the comment section below.
Other funding method: We will contribute to the trust using an approach not directly related to
the ADC (please describe below):
Rev 4/5/2018
Page 1 of 4
CERTIFICATION OF OPEB FUNDING POLICY &
GASB OPEB STANDARDS REPORTING COMPLIANCE
SECTION I: CERBT Asset Allocation Strategy Selection
As the employer, I certify that my agency chooses the following CERBT asset allocation
strategy.
Select one CERBT Asset Allocation Strategy:
CERBT Asset Allocation
Long-Term Expected Rate of
Standard Deviation of
Strategy
Return
Expected Return
Strategy 1
7.28%
11.74%
Strategy 2
6.73%
9.32%
Strategy 3
6.12%
7.14%
SECTION II: Funding Method
As the employer, I certify that our OPEB funding method and intent for the period
covered by our current OPEB cost report (valuation or AMM) is to contribute consistently
an amount that is equal to (select one):
ADC funding method:
% of the Actuarially Determined Contribution (ADC) as
determined in our OPEB actuarial cost report (valuation or AMM) dated
, 20
. If using an ADC, please provide the ADC amount (1
and/or 2 years) in the comment section below.
Other funding method: We will contribute to the trust using an approach not directly related to
the ADC (please describe below):
Rev 4/5/2018
Page 1 of 4
CERTIFICATION OF OPEB FUNDING POLICY &
GASB OPEB STANDARDS REPORTING COMPLIANCE
SECTION III: Contribution and Reimbursement Method
As the employer, I certify that we intend to make CERBT contributions and request eligible
reimbursements in the following manner (select one):
Contribute full ADC payments to the trust and seek reimbursements for pay-go costs.
Contribute ADC payments to the CERBT net of pay-go costs and not seek
reimbursement (ADC minus pay-go = Trust Contribution).
Other contribution and/or reimbursement method, e.g. initial/ ad hoc lump sum
contribution (please describe below):
SECTION IV: OPEB Cost Report Coverage Years
As the employer, I certify this OPEB cost report will be used for financial reporting or as the basis for
any CERBT funding for the following fiscal years.
If using a GASB 75 compliant accounting valuation or AMM report, complete the GASB Accounting
Valuation section. If using a funding valuation, complete the Funding Valuation section. If using a
blended GASB accounting and funding valuation, complete both sections.
GASB 75 Accounting Valuation
This OPEB cost report provides financial reporting data for the following periods:
First Year:
Fiscal Year for GASB 75 reporting:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Measurement period:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Second Year:
Fiscal Year for GASB 75 reporting:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Measurement period:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Funding Valuation
This OPEB cost report provides ADC amounts for the following periods:
First Year:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Second Year:
from
through
.
MM/DD/YYYY
MM/DD/YYYY
Rev 4/5/2018
Page 2 of 4
CERTIFICATION OF OPEB FUNDING POLICY &
GASB OPEB STANDARDS REPORTING COMPLIANCE
We understand that we must obtain an actuarial valuation (or AMM if applicable) on at least a
biennial basis.
We understand that we will be asked to provide accounting information to CalPERS as required
to facilitate CalPERS compliance with Governmental Accounting Standards Board (GASB)
Statements for Accounting and Financial Reporting for Postemployment Benefit Plans Other Than
Pension Plans (OPEB Standards) reporting requirements and we agree to make any information
requested available to CalPERS on a timely basis.
We understand that CalPERS will provide us the Schedule of Changes in Fiduciary Net Position,
which can be used to prepare our GASB OPEB Standards reporting. CalPERS will report
information pertaining to GASB OPEB Standards for Agent OPEB Plans.
Date of OPEB Cost Report (Valuation or AMM)
Name of Employer
Printed Name of Person Signing the Form
Title of Person Signing the Form
Signature
Date
Designated Employer Contact Name for GASB Reporting
Title of Designated Employer Contact for GASB Reporting
Phone #
Email Address
Rev 4/5/2018
Page 3 of 4
CERTIFICATION OF OPEB FUNDING POLICY &
GASB OPEB STANDARDS REPORTING COMPLIANCE
Instructions to complete the form:
SECTION I: CERBT Asset Allocation Strategy Selection
Check the box next to the Asset Allocation Strategy on which you have based your OPEB
actuarial valuation or Alternative Measurement Method (AMM) cost report. Each strategy has a
different assumed Long Term Expected Rate of Return and risk profile. Your CERBT assets will
be invested using the Asset Allocation Strategy indicated here.
*The choice you check off on this form should match that used by your actuary in the OPEB cost
report.
SECTION II: Funding Method
If your agency’s intent is to fund based on an ADC, indicate the percentage of funding of
the ADC and the valuation date. Please provide the ADC amounts in the comments
section.
If your contributions are not tied specifically to the ADC, then indicate how you expect to
contribute. For example, if you intend to make unreimbursed pay-go payments plus a fixed
dollar amount to the trust, then describe this in the space provided.
SECTION III: Contribution and Reimbursement Method
Here we ask you to indicate how you expect to make contributions to, and seek
reimbursement from, the trust.
SECTION IV: OPEB Cost Report Coverage Year(s)
Generally, your OPEB cost report will provide two years of coverage. Please identify the
specific periods to which your entity will use the cost report for financial reporting or funding. If
using a GASB 75 compliant accounting valuation or AMM report, complete the GASB
Accounting Valuation section. If using a funding valuation, complete the Funding Valuation
section. If using a blended GASB accounting and funding valuation, complete both sections.
Rev 4/5/2018
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