GASB Issues Final Rules Governing Reporting for Postemployment Benefits Other Than Pensions Summary Scope & Effective Dates of GASB Statements No. 75 & No. 74 GASB 75 (Employer Financial Reporting) Scope Effective Date  Establishes standards of accounting and financial reporting for defined benefit OPEB and defined contribution OPEB provided to employees of state and local governmental employers  Applies to financial statements of all state and local governmental employers for which employees are provided OPEB and to the financial statements of state and local governmental nonemployer contributing entities under certain circumstances  Parallels the standards for pension accounting and financial reporting (GASB 68) issued in 2012   Effective for employer financial statements for fiscal years beginning after June 15, 2017— essentially June 30, 2018 year-ends and thereafter  Earlier application is encouraged Replaces GASB 45 and GASB 57 GASB 74 (Plan Financial Reporting) Scope Effective Date  Established new accounting and financial reporting standards for OPEB plans  Effective for plan financial statements for fiscal years beginning after June 15, 2016  Parallels the standards for pension plan accounting and financial reporting (GASB 67) issued in 2012  Earlier application is encouraged  Applies to financial statements of defined benefit and defined contribution OPEB plans administered through trusts meeting certain criteria, as well as financial reporting for assets accumulated through defined benefit OPEB plans not administered through trusts meeting the specified criteria  Replaces GASB 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, and GASB 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, as well as certain requirements of GASB 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and GASB 50, Pension Disclosures, for defined contribution OPEB plans 14 .