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Division of Accounts


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, 2014 (unaudited)
(Expressed in thousands)
 
  State Plan Teacher Plan Tennessee Plan (Medicare Supp) Local Government Plan Total All Plans
State Obligation
Unfunded Actuarial Liability $855,642 $294,798 $291,368   $1,441,808
Annual Required Contribution $81,207 $30,355 $20,588   $132,150
Employer Premium Contributions $44,927 $17,706 $11,263   $73,896
Net OPEB Obligation $394,183 $58,411 $116,641   $569,235
 
State Component Units Obligation
Unfunded Actuarial Liability $369,470     $238 $369,708
Annual Required Contribution $41,433     $66 $41,499
Employer Premium Contributions $31,787     $13 $31,800
Net OPEB Obligation $194,330     $581 $194,911
 
Others
Unfunded Actuarial Liability   $636,792 $133,685 $38,402 $808,879
Annual Required Contribution   $70,744 $11,272 $5,269 $87,285
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 $1,225,112 $931,590 $425,053 $38,640 $2,620,395
Annual Required Contribution $122,640 $101,099 $31,860 $5,335 $260,934
Employer Premium Contributions $76,714 Not Available* Not Available* Not Available* Not Available*
Net OPEB Obligation $588,513 Not Available* Not Available* Not Available* Not Available*

*Totals not supplied where major parts of calculation are not available.

State of Tennessee — State Employee Group Plan

State of Tennessee — Local Education Employee Group Plan

State of Tennessee — The Tennessee Plan

State of Tennessee — Local Government Employee Group Plan