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Pensions and Benefits
GASB 68 Notice for 2015

Government Accounting Standards Board (GASB) Statement No. 68 supersedes financial reporting requirements for the State and local governmental employers under GASB Statements No. 27 and No. 50 as they relate to pensions that are provided through the State-administered retirement system. This new statement establishes standards for measuring and recognizing on each participating public employers’ financial statements their allocated share of the plan’s net pension liability (NPL), deferred inflows and outflows, and pension expense. Each participating public employer must begin disclosing the information required under GASB 68 in their financial statements for reporting periods beginning after June 15, 2014.

The GASB 68 data for each of the State-administered defined benefit plans was developed by the pension system actuaries and audited by the independent auditing firm, KPMG LLP. These reports, compiled by KPMG, contain the information each participating employer will need to disclose in their financial statements in order to comply with GASB 68. These reports can be viewed at the following link:

2015 GASB 68 Audited Reports

Any questions as to how the information contained in the GASB 68 reports should be reflected in each employer’s financial statements should be referred to that employer’s auditor.

The GASB 68 Actuarial reports can be viewed at the following link:

2015 GASB 68 Actuarial Reports

Please note that GASB statements solely govern financial reporting and disclosure requirements. GASB 68 does not result in a change with respect to the calculation of the pension plan’s statutory assets, liabilities and contribution requirements for the State and local employers.

The Department of Community Affairs, the Department of Education and the Office of the Secretary of Higher Education have each issued guidance regarding GASB 68. These notices can be viewed at the following links:

Department of Community Affairs
Department of Education
Office of the Secretary of Higher Education

 

 
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