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Fairfax says retiree-health trust covers more than recorded liabilities in GASB 75 report
Summary
Finance staff and the town ctuary told the Fairfax Town Council that an actuarial valuation for fiscal year 2025 shows about $1.9 million in OPEB liability and roughly $2.0 million in CERBT assets, meaning the town is about 104% funded on the books; the council will consider whether to continue a $150,000 contribution in the coming budget.
At its Feb. 4 meeting, the Fairfax Town Council heard an annual actuarial review of the town's other post-employment benefits (OPEB) liability under Governmental Accounting Standards Board Statement 75.
Finance director Michael Viverette told the council the valuation shows an actuarial accrued OPEB liability of about $1.9 million and roughly $2.0 million in assets held in the California Employers' Retiree Benefit Trust (CERBT). "We have funded a 104% of the liability that's on the books," Viverette said, adding that the town's position is buoyed by investment performance and earlier funding actions.
The presen…
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