What is a defined benefit OPEB plan?
What is OPEB? Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.
What is OPEB funding?
Other post-employment benefits (OPEB) refers to the benefits, other than pensions, that a state or local government employee receives as part of his or her package of retirement benefits.
What are some examples of postretirement benefits other than pensions?
Other post-retirement benefits include benefits that employees are paid when they retire that are not pension distributions. Employees often share the cost of these benefits through co-payments. Other post-retirement benefits might include dental, legal services, and tuition credit.
What does OPEB mean in accounting?
Other post-employment benefits (OPEB) are the benefits, other than pension distributions, that employees may begin to receive from their employer once they retire. Other post-employment benefits can include life insurance, health insurance, and deferred compensation.
What is OPEB stand for?
Other Postemployment Benefits
Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.
Is OPEB an Erisa?
OPEB Plan means any Benefit Plan that is a “employee welfare benefit plan” or “welfare plan” (as such terms are defined in Section 3(1) of ERISA) subject to ERISA, which provides benefits for or will provide benefits for former employees or future former employees of any Loan Party or any Subsidiary thereof who have …
Is OPEB a pension?
Other Postemployment Benefits (or OPEB) are benefits (other than pensions) that U.S. state and local governments provide to their retired employees. These benefits principally involve health care benefits, but also may include life insurance, disability, legal and other services.
What is OPEB obligation?
In some circumstances, OPEB is not a legal or contractual obligation of the government. However, if a promise to provide OPEB was in place as of the date of the financial statements, the GASB believes that a government has an obligation for OPEB that constitutes a liability for financial reporting purposes.
How long do benefits last after being fired?
If you lose your job, you may have the right to continue your health insurance coverage for 18 months—but you’ll have to pay the full premium.
What does OPEB stand for in insurance category?
OPEB Plan means any Benefit Plan that is considered an other post – employment benefit plan, including retiree medical and retiree life insurance arrangements. For the avoidance of doubt, OPEB shall not include any Benefit Plan that is a pension or other defined benefit plans, Severance plan or deferred compensation plan.
What kind of benefits do you get with an OPEB?
OPEBs may include health insurance coverage, life insurance, or deferred compensation to a retiree. Because they are not tax-deductible, private employers do not typically offer OPEBs except to key employees or management, but OPEBs are more common for public-sector or unionized workers.
What does OPEB plan mean in Urban Dictionary?
OPEB Plan means, collectively, any and all Debtor other post – employment benefits obligations.
What are the new OPEB requirements for defined benefit plans?
The new OPEB Statements includes requirements for defined benefit OPEB plans that replace the requirements of Statements No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans.