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Other Post-Employment Benefits (OPEB)

The following actuarial reports were obtained to satisfy the GASB Statement 75, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, requirements.

The nature and structure of the state-administered plans reported in accordance with the accounting standard do not necessarily permit certain observations to be made easily. The following schedule will provide readers with information regarding the state´s obligations in each plan. Please note that the state has no obligation for the Local Government Plan.

Component Units, in accordance with GASB Statements 14 and 39 that define the financial reporting entity, include entities that are, first, legally separate from the state and meet other criteria. Component units are reported separately in the state´s Comprehensive Annual Financial Report (CAFR) for accounting purposes, e.g., University of Tennessee System, Tennessee Board of Regents System, Tennessee Student Assistance Corporation and Tennessee Housing Development Agency.

Summary of Actuary Reports for Health Plans and Related Information

June 30, 2019

(Expressed in thousands)

  State Plan Teacher Plan Tennessee Plan (Medicare Supp) Local Government Plan Total All Plans
State Obligation
Total OPEB Liability  $912,629  $216,246  $379,162    $1,508,038
Total OPEB Expense
 $66,862  $2,354  ($70,936)   ($1,720)
State Component Units Obligation
Total OPEB Liability  $472,609      $588  $473,197
Total OPEB Expense
 $40,603      $77  $40,680
Total OPEB Liability
   $600,176  $76,960  $52,932  $730,068
Total OPEB Expense
   $14,739  ($20,401)  $1,600  ($4,062)
Plan Totals
Total OPEB Liability
 $1,385,238  $816,422  $456,122  $53,520  $2,711,302
Total OPEB Expense
 $107,465  $17,093  ($91,337)  $1,677  $34,898
*Totals not supplied where major parts of calculation are not available.