Reporting of the FY 1999 Military Retirement Health Benefits Liability in the DOD Financial Statements
Abstract
This audit is part of the "Audit of the Compilation of Financial Data for Other Defense Organizations Into the FY 1999 DoD Agency-Wide Financial Statements" (Project No. D2000FA-0043). We performed the audit in response to the Chief Financial officers Act of 1990, as amended by the Federal Financial Management Act of 1994, which requires DoD and other Government agencies to prepare annual audited financial statements. The FY 1999 DoD Agency-Wide financial statements included the financial statements of a reporting entity entitled "Other Defense Organizations-General Funds." The military retirement health benefits liability was reported on the Other Defense Organizations Balance Sheet. Military retirement health benefits are post-retirement benefits that DoD provides to military retirees and other elible beneficiaries through the Purchased Care and DoD military treatment facilities. or FY 1998, DoD reported $223.4 billion for the military retirement health benefits liability estimate. After the DoD Aency- Wide and the Federal Government FY 1998 financial statements were issue ,the Office of the Actuary, DoD, revised the military retirement health benefits liability estimate to $185.9 billion for FY 1998. The $37 billion difference was primarily caused by using more complete and current data. For FY 1999, DoD brought forward the FY 1998 liability estimate and re sorted $ 196.2 billion for the military retirement health benefits liability estimate. The 196.2 billion unfunded liability represented 20 percent of the $998.9 billion of liabilities included on the FY 1999 DoD Agency-Wide financial statements.
Document Details
- Document Type
- Technical Report
- Publication Date
- Jul 21, 2000
- Accession Number
- ADA381383
Entities
Organizations
- Office of the Inspector General, U.S. Department of Defense