GASB Notices

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GASB 67 Notice for 2017

Government Accounting Standards Board (GASB) Statement No. 67 which supersedes financial reporting requirements for pension plans under GASB Statement No. 25 became effective for financial statements for fiscal years beginning after June 2013. Accordingly, the Fiscal Year 2017 Division of Pensions and Benefits financial statements have been completed and reflect the adoption of the new accounting standard. The issued audit report by the independent auditors’, KPMG LLP, can be viewed at the following link.

Fiscal Year 2017 Audit Report

The audit report includes the required information and disclosures to ensure compliance with the new standard which was developed by the pension systems’ actuaries and was extracted from the GASB 67 reports that can be viewed at the following link.

Fiscal Year 2017 GASB 67 reports

In order to comply with the new standard, the information and disclosures for the Public Employees’ Retirement System (PERS) and Police and Firemen’s Retirement System (PFRS), the multi-employer pension plans, had to be developed in the aggregate per system and not separately for the State and local employers. As such, the charts available at the following links provide a summary of required GASB 67 disclosures per system for fiscal year 2017 and a comparison between fiscal years 2017 and 2016 including the net pension liability, plan fiduciary net position as a percentage of total pension liability, and depletion date.

GASB 67 Summary Chart for 2017 and Comparison between 2017 and 2016

Please note that GASB statements solely govern financial reporting and disclosure requirements. Therefore, this new method does not result in a change with respect to the calculation of the statutory assets, liabilities and contribution requirements for the State and local employers. Accordingly, available at the following links are summary charts that provide the unfunded liabilities and funded ratios calculated pursuant to the statutory funding requirements for all systems with plan assets and liabilities accounted for separately for the State and local employers for fiscal year 2017 and a comparison between fiscal years 2017 and 2016.

Statutory Summary Chart for 2017 and Comparison between 2017 and 2016

GASB 67 Notice for 2016

Government Accounting Standards Board (GASB) Statement No. 67 which supersedes financial reporting requirements for pension plans under GASB Statement No. 25 became effective for financial statements for fiscal years beginning after June 2013. Accordingly, the Fiscal Year 2016 Division of Pensions and Benefits financial statements have been completed and reflect the adoption of the new accounting standard. The issued audit report by the independent auditors’, KPMG LLP, can be viewed at the following link.

Fiscal Year 2016 Audit Report

The audit report includes the required information and disclosures to ensure compliance with the new standard which was developed by the pension systems’ actuaries and was extracted from the GASB 67 reports that can be viewed at the following link.

Fiscal Year 2016 GASB 67 reports

In order to comply with the new standard, the information and disclosures for the Public Employees’ Retirement System (PERS) and Police and Firemen’s Retirement System (PFRS), the multi-employer pension plans, had to be developed in the aggregate per system and not separately for the State and local employers. As such, the charts available at the following links provide a summary of required GASB 67 disclosures per system for fiscal year 2016 and a comparison between fiscal years 2016 and 2015 including the net pension liability, plan fiduciary net position as a percentage of total pension liability, and depletion date.

GASB 67 Summary Chart for 2016 and Comparison between 2016 and 2015

Please note that GASB statements solely govern financial reporting and disclosure requirements. Therefore, this new method does not result in a change with respect to the calculation of the statutory assets, liabilities and contribution requirements for the State and local employers. Accordingly, available at the following links are summary charts that provide the unfunded liabilities and funded ratios calculated pursuant to the statutory funding requirements for all systems with plan assets and liabilities accounted for separately for the State and local employers for fiscal year 2016 and a comparison between fiscal years 2016 and 2015.

Statutory Summary Chart for 2016 and Comparison between 2016 and 2015

GASB 67 Notice for 2015

Government Accounting Standards Board (GASB) Statement No. 67 which supersedes financial reporting requirements for pension plans under GASB Statement No. 25 became effective for financial statements for fiscal years beginning after June 2013. Accordingly, the Fiscal Year 2015 Division of Pensions and Benefits financial statements have been completed and reflect the adoption of the new accounting standard. The issued audit report by the independent auditors’, KPMG LLP, can be viewed at the following link.

Fiscal Year 2015 Audit Report

The audit report includes the required information and disclosures to ensure compliance with the new standard which was developed by the pension systems’ actuaries and was extracted from the GASB 67 reports that can be viewed at the following link.

Fiscal Year 2015 GASB 67 reports

*Revised Amounts

In order to comply with the new standard, the information and disclosures for the Public Employees’ Retirement System (PERS) and Police and Firemen’s Retirement System (PFRS), the multi-employer pension plans, had to be developed in the aggregate per system and not separately for the State and local employers. As such, the charts available at the following links provide a summary of required GASB 67 disclosures per system for fiscal year 2015 and a comparison between fiscal years 2015 and 2014 including the net pension liability, plan fiduciary net position as a percentage of total pension liability, and depletion date.

GASB 67 Summary Chart for 2015 and Comparison between 2015 and 2014

Please note that GASB statements solely govern financial reporting and disclosure requirements. Therefore, this new method does not result in a change with respect to the calculation of the statutory assets, liabilities and contribution requirements for the State and local employers. Accordingly, available at the following links are summary charts that provide the unfunded liabilities and funded ratios calculated pursuant to the statutory funding requirements for all systems with plan assets and liabilities accounted for separately for the State and local employers for fiscal year 2015 and a comparison between fiscal years 2015 and 2014.

Statutory Summary Chart for 2015 and Comparison between 2015 and 2014

GASB 68 Notice for 2018

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 audit reports for 2018 contain data that calendar year-end reporting employers will need to prepare and issue their financial statements for the reporting period ended December 31, 2017.  For fiscal year-end reporting employers, the GASB 68 audit reports contain data that employers will need to prepare and issue their financial statements for Fiscal Year 2018 in compliance with the standard.  

The GASB 68 data was developed by the pension system actuaries and audited by the independent auditing firm, KPMG LLP.  The 2018 GASB 68 audit reports for the five active defined benefit pension funds can be viewed at the following link:

Fiscal Year 2018 GASB 68 Audit 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:

2018 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.

GASB 68 Notice for 2017

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 audit reports for 2017 are being released today for PERS and PFRS so that the calendar year-end reporting employers have the required data necessary to prepare and issue their financial statements for the reporting period ended December 31, 2016. In addition, the GASB 68 reports also include the data that will be required by fiscal year-end reporting employers to prepare and issue their financial statements for Fiscal Year 2017 in compliance with the standard.

The 2017 GASB 68 reports for TPAF, SPRS and JRS will be issued in the coming weeks.

he 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:

Fiscal Year 2017 GASB 68 Audit 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:

2017 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.

GASB 68 Notice for 2016

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 audit reports for 2016 are being released today for PERS and PFRS so that the calendar year-end reporting employers have the required data necessary to prepare and issue their financial statements for the reporting period ended December 31, 2015. In addition, the GASB 68 reports also include the data that will be required by fiscal year-end reporting employers to prepare and issue their financial statements for Fiscal Year 2016 in compliance with the standard.

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:

Fiscal Year 2017 GASB 68 Audit 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:

2016 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.

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:

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:

Fiscal Year 2015 GASB 68 Audit 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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Last Updated: Wednesday, 07/11/18