The Governmental Accounting Standards Board (GASB) issued Standard Number 45 to require governmental entities, including public school districts, to identify the added cost of their health benefits by offering this benefit to retirees younger than age 65.
The rule also required that districts estimate the cost impact that differing age groups have on the benefits provided. This estimation of impact, referred to as “valuation,” primarily involves medical coverage, but may also apply to life insurance, dental insurance and vision benefits.
The p-Card program operates like a credit card, but without the hoops to jump through when dealing with the credit line, and allows administrators to customize purchasing authority and spending levels to fit their district.
In addition, districts utilizing the program earn rebates based on the amount they spend using the card.
Contact ASBSD at 605-773-2500.