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.
In June 2015 GASB approved two new statements applicable to OPEB plans and participating governments. Statements Number 74 and 75 will replace Number 43 and 45 and make changes to the financial reporting framework for OPEB plans, including the reporting of a net OPEB liability (or a proportionate share of the net OPEB liability, if a sponsoring government). The new statements also require more extensive disclosures and required supplementary information including reporting the effects of changes in assumptions on the net OPEB liability and a schedule of a government's OPEB contributions compared to the contributions required.