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 Accounting Officer Lisa Ziemer at 651-284-3637 or email@example.com.
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 firstname.lastname@example.org.
On this page:
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).
This statement, issued April 11, addresses:
Presentation of payroll-related measures in required supplementary information
Selection of assumptions and the treatment of deviations from guidance in Actuarial Standards of Practice for financial reporting purposes
Details on the statement can be found on the GASB website.
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 ...
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: http://www.auditor.state.mn.us/default.aspx?page=20150625.000.
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: http://www.auditor.state.mn.us/default.aspx?page=20150626.000.
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.
TRA began delivering GASB 68 financial reporting disclosures the week of May 26, 2015, to school districts and charter schools for their financial reporting for the fiscal year ending June 30, 2015. Individual results are available in the TRA employer portal.
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.
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.
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:
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: www.gasb.org
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
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): http://www.nasra.org/gasb
From the Government Financial Officers Association: An Elected Official's Guide: The New Pension Accounting
P2F2 (Public Pension Financial Forum) GASB 67/68 Toolkit