GASB 68 OVERVIEW
NEWS AND UPDATES04/07/16 - The APERS Annual Financial Report for 2015, along with the Actuarial report and GASB 67/68 report, have been posted on the Annual Reports page.
3/18/16 - The Division of Legislative Audit has completed their audit of the GASB 68 Employer Schedules for June 30, 2015, and there were no changes to the information previously made available.
3/1/2016 - Preliminary GASB 68 schedules as of June 30, 2015 for all employers are now available for download on the GASB Schedules page. Note that this is unaudited data.
12/10/15 – APERS previously provided employers with the audited June 30, 2014 GASB 68 employer allocations and pension amounts and related note disclosure information.
7/6/15 - APERS has made available a PDF copy of "Note Disclosures to the Allocation Schedule and Schedule of Employer Amounts" and added a link to it at the bottom of the page.
6/10/15 - APERS provides online resources for GASB No.68 for employers. Additional resources will be added as they become available.
7/17/2015 – APERS has provided employers with the June 30, 2014 employer allocations and pension amounts and related note disclosure information. Unless otherwise requested by the employer, the information was sent via email. If you did not receive this information, please send an email to Jason.firstname.lastname@example.org with your request.
7/17/2015 -The Division of Legislative Audit has audited the GASB 68 schedules and their report is available under Reports. APERS’s actuary valuation reports are also available under the Reports section.
GASB Statement No. 68 becomes effective for fiscal years beginning after June 15, 2014 and significantly changes pension accounting and financial reporting for governmental employers who participate in a pension plan, such as APERS, and who prepare published financial statements on an accrual basis using generally accepted accounting principles. Contribution rates and funding requirements are not impacted by GASB 68, and employers will continue to pay the contribution rates as determined each year by the APERS Board of Directors. Employers will have to report their proportionate share of APERS’s unfunded liability now called a net pension liability as a long-term liability.
APERS will calculate the net pension liability based on an actuarial valuation as of the end of each fiscal year (June 30). An actuarial valuation of future benefits payable to current active and inactive employees for past periods of service will be discounted using a discount rate. The difference between the actuarial valuation of future benefits and APERS’ fiduciary net position (net assets) will be the net pension liability. After APERS receives its net pension liability calculation, each employer’s proportionate share will be calculated based upon employer contributions for the same fiscal year.
APERS is committed to providing employers and their auditors with all of their information needed to understand the technical concepts of GASB 68 and to successfully implement the new pension financial reporting requirements. Additional information can be located using the links at the bottom of this page. APERS will also publish the net pension liability allocation, schedule of pension amounts, required disclosures, and the independent auditor’s opinion on this website when that information is available.
In order to ensure that information is received by the appropriate staff, APERS recently sent a survey to all employers (with the exception of state agencies) to confirm the financial reporting contacts. If you completed this survey, you are on the distribution list to receive future updates. If you did not complete the survey please provide your contact information to receive GASB 68 related updates and information here.