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OPEB Plan Reports

The following actuarial reports were obtained to satisfy the GASB Statement 45, 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, 2017

(Expressed in thousands)

  State Plan Teacher Plan Tennessee Plan (Medicare Supp) Local Government Plan Total All Plans
State Obligation
Unfunded Actuarial Liability  $796,541  $274,798  $309,116    $1,380,455
Annual Required Contribution  $ 81,940  $29,680  $22,947    $134,567
Employer Premium Contributions  $49,601  $15,413  $13,673    $78,687
Net OPEB Obligation  $497,767  $ 99,928  $144,468    $742,163
           
State Component Units Obligation
Unfunded Actuarial Liability  $370,869      $553  $371,422
Annual Required Contribution  $44,295      $122  $44,417
Employer Premium Contributions  $38,286      $36  $38,322
Net OPEB Obligation  $217,835      $776  $218,611
           
Others
Unfunded Actuarial Liability    $677,634  $137,489  $41,559  $856,682
Annual Required Contribution    $76,287  $11,740  $5,849  $93,876
Employer Premium Contributions    Not Available   Not Available   Not Available   Not Available 
Net OPEB Obligation    Not Available   Not Available   Not Available   Not Available 
           
Plan Totals
Unfunded Actuarial Liability  $1,167,410  $952,432  $446,605  $42,112  $2,608,559
Annual Required Contribution  $126,235  $105,967  $34,687  $5,971  $272,860
Employer Premium Contributions  $ 87,887 *Not Available   *Not Available   *Not Available   *Not Available 
Net OPEB Obligation  $715,602 *Not Available   *Not Available  *Not Available   *Not Available 
*Totals not supplied where major parts of calculation are not available.