In 1995 a Milliman representative participated in the GASB OPEB Task Force, a committee that advised the Governmental Accounting Standards Board (GASB) during the creation of GASB 45. Since GASB 45 was issued in August 2004, Milliman has performed hundreds of GASB 45 valuations across the country, including valuations for states, municipalities, water districts, school systems, utilities, and other public entities. With hundreds of qualified pension and health actuaries and 32 office locations across the United States, Milliman is uniquely positioned to offer solutions to GASB 45.
Milliman actuaries and consultants from around the country collaborated to create GASBhelp™. This online GASB 45 tool was built by Milliman in accordance with the methodologies of the GASB 45 Alternative Measurement Method (AMM), has undergone rigorous testing and meets Millimanís peer review requirements. GASBhelp already has more than 75 users from across the United States.
GASBhelp is fully compliant with GASB 45
GASBhelp employs the GASB 45 AMM. Normally, the AMM must be performed by an expert to avoid additional auditing requirements. GASBhelp was created and rigorously checked by Milliman actuaries who have pension and health expertise, so auditors can recognize that the calculations performed by GASBhelp are fully compliant with GASB 45.
The comprehensive report issued by GASBhelp contains all auditor-required elements, including the information necessary to understand the inputs, assumptions, valuation methodology, and valuation results. Milliman customer service representatives are also available to answer questions that auditors may have.
Large Public Employers