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Government Accounting Standards Board (GASB)

This page is where you will find a variety of information about the new public pension accounting changes that took effect beginning in 2015.

For technical information about GASB reporting requirements, questions about your district's allocation, or other pension accounting inquiries, contact Chief Financial Officer John Wicklund, 651-296-8051 or

TRA staff would be happy to speak to employer groups about the GASB rules. To schedule a presentation for your group, contact Communications Officer Susan Barbieri at 651-205-4247 or

On this page:



GASB 67/68 actuarial valuation report

The GASB 67/68 actuarial valuation report is now available.    We anticipate delivering detailed employer unit allocations in May or June of 2018.

School districts, charters get TRA financial data

TRA delivered GASB 68 financial reporting disclosureson May 5, 2017, to school districts and charter schools for their financial reporting for the fiscal year ending June 30, 2017. Individual results are available in the TRA employer portal.

Look for the links in the upper-right corner of your Welcome page:

TRA engaged the Office of the State Auditor to provide an opinion on the allocation of the actuarial results calculated by TRA’s actuary under GASB Statement 67. We are providing each employer with their calculated share of the actuarial valuation results. Each TRA employer unit will be required to include and disclose their portion of TRA’s Net Pension Liability (NPL), as well as other financial statement amounts, Required Supplementary Information (RSI), as well as other footnote disclosures.

See the videos below for more information about the GASB statements.

NASACT Fact Sheet

State and local government retirement systems have significant oversight and disclosure
requirements, some of which are being considerably modified. Several new and separate public
pension calculations are being published — each derived in different manners and for distinct
purposes — and could easily be misunderstood and create confusion.

Here are ten key takeaways regarding existing disclosures, notable changes, and their effects. This fact sheet is published by the National Association of State Auditors, Comptrollers and Treasurers (NASACT).

GASB Statement 82, Pension Issues

This statement, issued April 11, 2016, addresses:

Details on the statement can be found on the GASB website.

Reconciling employer contributions with TRA allocations

Why do our employer contributions not match the TRA employer contributions reported in the Schedule of Employer and Non-Employer Allocations?

Employer contributions reported by TRA may require reconciliation to employer unit remittance records for two reasons ...

GASB 68 audit procedures available

The Office of the State Auditor was engaged by the Teachers Retirement Association (TRA) to audit and provide opinions on the TRA's GASB 68 Pension Schedules. A summary of the audit procedures performed can be found at:

Whether as part of a group audit or as an employer auditor needing to rely on the audit work of a pension plan’s GASB 68 schedules, other auditors may need to document the qualifications, experience, and independence of the Office of the State Auditor. A summary of the Audit Practice Division’s staff competencies and policies can be found at:

Public Pension Financial Forum (P2F2) offers GASB toolkit

The Public Pension Financial Forum (P2F2) serves its membership through education, pension advocacy, and networking. P2F2 exists to promote excellence in public pension plan financial operations, advocate for and represent public pension systems by responding to and collaborating with oversight organizations, and promote fiduciary responsibility for public pension plans to ensure plan assets are controlled, safeguarded, and used exclusively for the benefit of members and beneficiaries.

P2F2 works with the Government Accounting Standards Board and has developed a GASB Toolkit for employers. It is available HERE.


AICPA issues audit guidance for new pension standards

APRIL 17, 2014 — The American Institute of Certified Public Accountants (AICPA) issued two white papers in February. The first white paper addresses issues related to information for employer reporting and provides more detail concerning the employers’ proportionate share of collective pension amounts. The second addresses issues associated with testing census data in an audit of financial statements. Read more here.

GASB implementation toolkit for governments available

MARCH 11, 2014 — The new GASB pension implementation toolkit assists governments with implementation of Statement No. 68 and Statement No. 71. Among the topics covered:


2017 GASB 67 and 68 Accounting Valuation Report

2016 GASB 67 and 68 Accounting Valuation Report

2015 GASB 67 and 68 Accounting Valuation Report


Presentation: Minnesota Society of CPAs School District Audit Conference

Fact sheets:

GASB in Brief

GASB Q&A (Overview)

GASB Q&A for Employers

GASB video series:

Overview of GASB pension statements (4:39 minutes)

Implementation timeline (3:32 minutes)

Pension liabilities (3:25 minutes)

Pension expense: deferred inflows/deferred outflows (6:51 minutes)

Employer Proportionate share (5:38 minutes)



GASB website:

GASB toolkit

GASB's New Pension Standards: Setting the Record Straight (Q&A from Government Accounting Standards Board)

GASB Statement No. 67: Financial Reporting for Pension Plans

GASB Statement No. 68: Accounting and Financial Reporting for Pensions

Pension Transition for Contributions Made Subsequent to the Measurement Date,
an amendment of GASB Statement No. 68



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

Single-Employer and Cost-Sharing Multiple-Employer Plans: Issues Associated with Testing Census Data in an Audit of Financial Statements

Article: "Pensions: Making the Number Our Own," (August 2014 issue of Government Finance Review, reprinted online by AICPA)



"New Math: Why Some Pension Plans Could Soon Look A Lot Worse," Governing magazine, April 2015.

Implementation resources from the National Association of State Retirement Administrators (NASRA):

From the Government Financial Officers Association: An Elected Official's Guide: The New Pension Accounting

P2F2 (Public Pension Financial Forum) GASB 67/68 Toolkit



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