The Governmental Accounting Standards Board (GASB) issued two new statements that will change the way a public retirement system like Colorado PERA discloses its pension information. All financial disclosures made by PERA are contained in the audited Comprehensive Annual Financial Report (CAFR) that is published every June.
Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements in Colorado PERA’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. PERA will include these new requirements in the year-end 2015 CAFR.
Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of Colorado PERA-affiliated employers. PERA is a cost-sharing multiple-employer defined benefit pension plan and serves as the retirement plan for more than 500 public employers in Colorado. Statement No. 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. This reporting requirement applies to Colorado PERA-affiliated 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 PERA’s GASB workgroup at GASBMail@copera.org.
- Governmental Accounting Standards Board (GASB)
- GASB Toolkit
- GASB Statement No. 67
- GASB Statement No. 68
- GASB Statement No. 68 Implementation Guide
- GASB Statement No. 71
- GASB declines to delay implementation date of pension standards, March 24, 2014
- Planning For New Pension Statements
Video Presentation PDFs
- Governing Board Message
- Overview of GASB Pension Statements for Cost-Sharing Plans
- A New GASB Approach
- Types of Pension Plans
- Calculating the Collective Net Pension Liability
- Measurement Date vs. Reporting Date
- Determination of a Discount Rate
- Collective Deferrals - A Smoothing Mechanism
- Collective Pension Expense
- Employer Proportion and Proportionate Share
- Employer-Level Deferrals and Pension Expense
- Required Supplementary Information
- KPMG Webcast: Critical Issues in Implementing the New GASB Pension Standards — A Look at Where We Are Now
- 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
- GRS Insight: The GASB’s New Pension Accounting and Financial Reporting Standards
- P2F2 Pension Communication Resources