Statements issued by the Governmental Accounting Standards Board (GASB) require additional ways for public retirement systems like Teachers’ Retirement System of the State of Kentucky (TRS) and its employers to disclose pension information. All financial disclosures made by TRS also are contained in the audited Annual Comprehensive Financial Report that is published every December.

TRS is a cost-sharing multiple-employer defined benefit pension plan and serves as the retirement plan for more than 200 public employers in Kentucky.

Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements in TRS’s Annual Comprehensive Financial Report. This statement replaces the requirements of Statement No.25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans and is effective for fiscal years beginning after June 15, 2013. TRS began including these requirements in the 2014 annual financial report.

Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of TRS’s employers. Statement No. 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. This reporting requirement applies to TRS’s employers and is effective for fiscal years beginning after June 15, 2014.

Both Statement Nos. 67 and 68 replace the requirements of Statement No. 50, Pension Disclosures.

Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans (OPEB). This statement replaces the requirements of Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans and is effective for fiscal years beginning after June 15, 2016. TRS included this new requirement beginning with the 2017 annual report.

Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions and affects the financial statements of TRS’s employers. Statement No. 75 replaces the requirements of Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions and is effective for fiscal years beginning after June 15, 2017.

For TRS audit and actuary reports related to GASB Statement Nos. 67, 68, 74 and 75, see TRS financial information page.

For questions or more information on the new GASB statements, contact Mark Whelan, TRS’s chief financial officer at mark.whelan@trs.ky.gov.

GASB Links

•          Governmental Accounting Standards Board (GASB) 
•          GASB Toolkit
• GASB Statement No. 68
• GASB Statement No. 68 Implementation Guide
• GASB Statement No. 75
• GASB Statement No. 75 Implementation Guide

Other Resources

• AICPA Whitepaper: Governmental Employer Participation in Cost-Sharing Multiple-Employer Plans: Issues Related to Information for Employer Reporting

TRS Accounting Department
888-891-2696
Fax: 502-573-0254
Monday to Friday, 8 a.m. to 5 p.m. ET