Each year, NOCCCD engages an external audit firm to analyze liabilities associated with its current retiree health program.
The Retiree Benefits Actuarial Valuation Report is intended to serve the following purposes:
- To provide information to enable NOCCCD to manage the costs and liabilities associated with its retiree health benefits
- To provide information to enable NOCCCD to communicate the financial implications of retiree health benefits to internal financial staff, the Board, employee groups and other affected parties
- To provide information needed to comply with Governmental Accounting Standards Board Accounting Standards 43 and 45 related to "other postemployment benefits" (OPEB's)