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 Comprehensive Annual Financial Report (CAFR) that is published every December.
Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements in TRS’s CAFR. This new statement replaces the requirements of the existing 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 included these new requirements beginning with the 2014 CAFR and has continued to since.
Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of TRS’s employers. 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. 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.
For questions or more information on the new GASB statements, please contact Mark Whelan, TRS’s Chief Financial Officer at email@example.com.
- For TRS Audit and Actuary Reports related to GASB Statement Nos. 67 and 68, see TRS financial information page.
- Employer’s Sample Note Disclosure for GASB 68
- Employer’s Sample Note Disclosure for GASB 75
- GASB 67 site link
- GASB 68 site link
- AICPA Whitepaper: Single-Employer and Cost-Sharing Multiple-Employer Plans: Issues Associated with Testing Census Data in an Audit of Financial Statements
- AICPA Whitepaper: Governmental Employer Participation in Cost-Sharing Multiple-Employer Plans: Issues Related to Information for Employer Reporting
TRS Accounting Department
Monday to Friday, 8 a.m. to 5 p.m. ET