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House creates trust fund to meet GASB-45 obligations for retiree benefits
Utah House of Representatives · February 2, 2007
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Summary
Representative Grover’s bill to establish a trust fund for post-retirement health benefits (GASB-45 compliance) passed the House; the floor cited an actuary estimate of $488 million in unfunded liability and an ARC of $47 million, and the bill sets up trustees and transfers appropriations into the trust.
Representative Grover presented First Substitute House Bill 7 to create a trust fund meeting Governmental Accounting Standards Board (GASB) Statement 45 requirements for other post-retirement benefits. He said the state’s unfunded liability, per the actuary, is approximately…
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