Post Retirement Medical Insurance

Date: Wednesday, October 5, 2022
Time: 01:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT [Prevailing Time]
Presenters: Jody Carreiro, ASA, MAAA, FCA, Actuary, Vice-President, Osborn, Carreiro & Associates, Inc., Steve Osborn, FSA, ACAS, EA, MAAA, Actuary, President, Osborn, Carreiro & Associates, Inc.
Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountant for Cooperatives
Objective: In order to help cooperatives better understand how this liability is calculated, this session will provide an illustrative calculation and address the following questions:
• What are the primary assumptions within the control of the Cooperative?
• How do changes in these assumptions impact the liability? For example, what impact does the inflation rate and long-term interest rates have on the liability? Also, what is a reasonable interest rate and/or earnings rate that should be used in today’s environment?
• How have other entities attempted to curtail these plans as a way to fix or limit the growth of the liability?
• What are advantages and disadvantages of funding this liability?
Field of Study: Accounting
Program Level: Basic
CPE Credit: 1.5 Credit Hour
Delivery Method: Group Internet-based

No advanced preparation or prerequisites are required for this course.

Course Description

For cooperatives that provide post-retirement medical insurance benefits, accounting principles generally accepted in the U. S. requires this liability to be estimated and accrued. Depending on the size of the entity, number of participating employees and the level of benefits provided, this accrual results in one of the largest liabilities, outside of long-term debt, on the balance sheet.

Presenter and Moderator Bios

Presenter: Jody Carreiro, ASA, MAAA, FCA, Actuary, Vice-President, Osborn, Carreiro & Associates, Inc.

Jody Carreiro is an actuary and vice president of Osborn, Carreiro & Associates. He received a B.S.E. in 1980, and a M.S. degree in 1981 in Mathematics from Arkansas State University. He began his career working for several insurance companies and joined Osborn, Carreiro & Associates in 1988. He attained Associate of the Society of Actuaries in 1992 and became a Member of the American Academy of Actuaries that same year. He earned status as an Enrolled Actuary in 1996. Jody recognized as a Fellow of the Conference of Consulting Actuaries in 2010 and is a member of the Public Plans Committee of that organization. Jody volunteers with the public schools and served on the Little Rock School District Board from 2008-2014. He currently serves as a board member of City Year Little Rock and Wildwood Park for the Arts. He is part of the team that performs actuarial valuations for corporate and public employer pension plans, including the post-retirement health benefits calculations for many of them. They also work for several Taft Hartley health plans completing post retirement calculations for them as well. Their group completes post-retirement health benefit calculations for about 10 Electric Cooperatives. Jody  has over 30 years of experience in actuarial valuations for pension and post-retirement health benefit plans.

Presenter: Steve Osborn, FSA, ACAS, EA, MAAA, Actuary, President, Osborn, Carreiro & Associates, Inc.

Steve Osborn is president of the firm, Carreiro & Associates, Inc.  A graduate of Subiaco Academy, he earned a B.S. degree in Mathematics from Christian Brothers College in Memphis in 1977, following up with a M.S. degree in Mathematics from the University of New Orleans in 1981. In 1977 Mr. Osborn joined Richard F. Camus & Associates in New Orleans, beginning his actuarial training.  In 1981 he joined the Dallas office of Peat, Marwick, Mitchell & Co., ultimately reaching the Manager level.  In 1986 he rejoined Richard F. Camus & Associates, opening their Little Rock office.

Steve became a Fellow of the Society of Actuaries in 1984, and he served on the Examination Committee for the Part P-461U exam (pension specialty) of the Society.  Other professional credentials include Membership in the American Academy of Actuaries (1980), Associateship in the Casualty Actuarial Society (1993), and status as an Enrolled Actuary (1979).  He has volunteered and coached youth baseball for over twenty years.  Mr. Osborn is an Eagle Scout.

Moderator: Wayne Sine, CPA, Director of Education, National Society of Accountant for Cooperatives

Wayne Sine is an experienced and highly knowledgeable professional in the field of TaxWayne recently retired as Tax Director from his company, Southern States Cooperative. He has extensive experience working with agricultural cooperatives and has been a long time member of the NSAC. He is extremely active in the NSAC, serving as both past Chapter President of the Atlantic Chapter, past Chair of the Tax Committee, and is currently serving as the NSAC Director of Education.. Wayne's career is marked with several accomplishments, and he has always been involved in many organizations, spreading his knowledge. Wayne is a member of the Legal, Tax, and Accounting (LTA) Committee for the National Council of Farmer Cooperatives. He is also Past Chair of both the Tax Committee of the Virginia Chamber of Commerce and the Virginia Manufacturers Association. Wayne also served on the Tax Policy Committee at the Virginia Society of CPAs, and served as past Region Vice President for the Tax Executives Institute. 

Free for NSAC Members / $56.00 for Non-Members

  Online Registration

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.


All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or