In April 2001, the Indiana General Assembly passed SEA (Senate Enrolled Act) 199 which required school corporations to calculate the value of their various retirement offerings (compensation and/or health benefits) so that they may begin to set aside the appropriate amount to fund these contractually agreed upon benefits. The rules of the state continue to require a pay as you go solution for promises of future benefits. Educational Services Company has the expertise to produce these actuarial valuations, giving future promises a present value, and the experience to consult with the school corporation to maximize the data’s utility.
Educational Services Company has worked with over 130 school corporations on liability valuations—these valuations have assisted in a range of critical tasks:
- Important element in planning
- Valuable tool in the bargaining process
- Source to comply with required OPEB reporting
Understanding the impact of future promises on the financial well-being of the school corporation is essential to ensure long term viability. Working with Educational Services Company, schools are not only viable, but thriving by being informed and intentional.
For additional information on liability valuations, please call Educational Services Company at 317-818-3535.