OPEB refers to Other Post Employment Benefits and are benefits, other than pensions, that state and and local governments provide to their retired employees. These benefits principally involve health care benefits, but may also include life insurance.
In 2015, the Government Accounting Standards Board approved new statements that are designed to improve the information in financial reports and the OPEB liability is now listed as an obligation on the district's financial statements. The CBRSD has funded an OPEB trust fund for the last 3 budget cycles and the plan is to continue to do so each fiscal year. This fund will eventually be used for retiree health insurance premium payments in future years so it is critical that the district invest now for the future obligation.