Navigate today’s most pressing health industry challenges with a leading global expert by your side.
ACO utilization & cost evaluation
Healthcare cost modeling
Preventive digital health
Insurance risk assessment
Medicare plan selection solution
Healthcare risk adjustment
Meet growing needs for innovative insurance solutions while increasing operational health and improving compliance.
Property & casualty advisory services
Modern flood insurance program
Investment, advisory & trading services
Financial modeling & industrialization
Geographic rating insights
Premium comparison platform
Retirement & Benefits
Deliver on the promises of the past and create smart solutions for the future.
Pension administration & communication
Retirement benefits administration platform
Compensations & benefits
Benefit plan evaluation
Health & welfare benefits administration platform
Manage complex risks using data-driven insights, advanced approaches, and deep industry experience.
Auto policy underwriting
Software performance enhancement
Mortgage platform for investments & reinsurance
Solvency II reporting & compliance
This is a place where your ideas and insights make an impact. Where an independent, entrepreneurial spirit is an advantage. And where diversity of thought and experience makes us who we are.
Data-driven insight. Deep expertise. Transformative innovation. Since 1947, Milliman has delivered intelligent solutions to improve health and financial security.
In 2015, the Governmental Accounting Standards Board (GASB) released new accounting standards for public sector postretirement benefit programs and the employers that sponsor them. GASB 75 reflects an overhaul in the standards for accounting and financial reporting for postemployment benefits other than pensions (OPEB).
Milliman consultants can provide advice and guidance on GASB 75, which will replace GASB 45 and become effective for employer fiscal years beginning after June 15, 2017. GASB 75 requires the disclosure of more information in the financial statements than GASB 45. More frequent valuations are encouraged and biennial valuations are now required (GASB 45 only required triennial valuations for plans with fewer than 200 members).
The reporting requirements of GASB 75 are generally more extensive than those under GASB 45. The changes for GASB 75 are designed to standardize the way OPEB expense is calculated and displayed in order to have consistency and comparability between reporting entities. Milliman can help governments of all sizes better understand the new and more stringent requirements of GASB 75.
The most significant impact of the new standards is the change from reporting the unfunded actuarial accrued liability for the plan in the notes of the financial statements to recognizing the unfunded actuarial accrued liability on the balance sheet of individual employers.
Other key changes regarding GASB 75 include:
The table below shows some of the key differences between GASB 45 and GASB 75.
Ask the tough questions. We’re ready for them.