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GASB 45

Governmental Accounting Standards Board Statement 45 (GASB 45) is an accounting and financial reporting provision that requires governmental agencies to measure and quantify the liabilities associated with Other Post-Employment Benefits (OPEB) and report these liabilities on the entities’ financial statements.  OPEB expenditures and liabilities include post-retirement health and welfare benefits (medical, pharmacy, dental, and vision) that are not associated with typical pension plans.

GASB 45 was enacted by the Governmental Accounting Standards Board in 2004 because of concern surrounding the undocumented magnitude of government employer obligations for post-employment benefits negotiated within employment contracts and collective bargaining agreements.

The requirements under GASB 45 are as follows:

  • Provide within the District’s financial statements a description of OPEB benefits provided, eligibility requirements, and the number of employees and retirees covered within the plan;
  • Provide an Actuarial Accrued Liability (AAL) as determined by a licensed actuarial firm based upon the benefits provided.  An actuarial study is required no less than once every two years; and
  • Report as an expense the annual liability incurred and, in addition, the cumulative unfunded liability of the actuarial accrued liability on the District’s balance sheet.

Retirement Board

The Retirement Board was established on April 13, 2011. It is charged with the discretion, responsibility and authority to oversee the management of the Other Post-Employment Benefits Trust (“Trust”). Peralta Community College District’s objectives in establishing a Trust for the pre-funding of its OPEB liabilities is to comply with the requirements of GASB 45 and to create a retirement system that complies with the California Constitution and Government Code provisions. Specifically, the Retirement Board determines the investment policy and strategy for the Trust and is empowered to inquire and resolve any matter it considers appropriate to carry out its responsibilities.

There are five members of the Retirement Board who are appointed by Peralta’s Board of Trustees based solely on their title and/or classification. In addition, there are six advisory members. Three of the six advisory members are comprised of current retirees representing the entire retirement community. The remaining three advisory members are comprised of representatives from each of the three bargaining units within the Peralta Community College District. At present, the bargaining units include Local 39, Local 1021, and Peralta Federation of Teachers.

The Retirement Board meets quarterly on the Thursday following the first Board of Trustees’ meeting of the month. Meetings will be held at the District Administrative Center Board Room located at 333 East 8th Street, Oakland, CA 94606.

 

Retirement Board Members 

Names Role
Cy Gulassa Trustee
Bill Withrow Trustee
Dr. William “Bill” Riley Trustee
Meredith Brown Trustee (Alternate)
Ron Little Vice Chancellor for Finance and Administration
Trudy Largent Vice Chancellor of Human Resources

Advisory Members

Names Role
Tae-Soon Park PFT Representative
Vacant Local 1021 Representative
Tim Brice Local 39 Representative
Jerry Herman PRO Representative
Michael Mills PRO Representative
Michael Wirth PRO Representative

 

Retirement Board Bylaws

Peralta CCD Investment Policy Statement (IPS)

Peralta CCD Trust Agreement

March 2015 Actuarial Study

Substantive Plan

PCCD 2015-2016 Strategic Goals and Institutional Objectives

 

Upcoming Meetings:

July 14, 2016

October 13, 2016

 

  • Retirement Board

    Thursday 21 September 2017
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  • Peralta Community College District

    The district comprises four campuses serving northern Alameda County.
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