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GASB Overview

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The GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports.

The KRS Audit Committee has approved the 2019 GASB 67, and GASB 74 Actuary Reports for CERS, KERS and SPRS.  Posted below are the actuary reports. The GASB 68 and 75 tables include the June 30, 2019, Net Pension Liability, and Net Other Post-employment Benefits (OPEB) Liability so that employers can use the data for the calculation of their pension and OPEB expense. 

KRS recommends that each employer review the GASB 68 and 75 Excel tables with its external auditor to ensure that it meets all the requirements of the statement, and to ensure that the required calculations have been performed correctly and accurately.

KRS’ actuary, Gabriel Roeder Smith (GRS), calculated each employer’s proportionate share of the KERS and CERS plan’s Net Pension Liability (NPL); Pension Expense (PE); Net OPEB Liability; and, OPEB Expense.

Audited Reports

2019 GASB 68 Proportionate Share Audit Report with Schedules

2019 GASB 68 KERS Tables

2019 GASB 68 CERS Tables

2019 GASB 75 Proportionate Share Audit Report with Schedules

2019 GASB 75 KERS Tables

2019 GASB 75 CERS Tables


 

In order for practitioners to implement the GASB 68 and 75 reporting, they will need the split of employer contributions between the Pension and Insurance components. Those splits are listed below. 

Fiscal Year 2021 Pension and Insurance Components for GASB Reporting
SystemPensionInsuranceTotal
KERS*** Reduced Rate41.06%8.41%49.47%
KERS*** Budgeted Rate73.28%11.15%84.43%
KHAZ***36.00%0.00%36.00%
CERS***19.30%4.76%24.06%
CHAZ***30.06%9.52%39.58%
SPRS***123.79%19.69%143.48%
Fiscal Year 2020 Pension and Insurance Components for GASB Reporting
SystemPensionInsuranceTotal
KERS *Reduced Rate41.06%8.41%49.47%
KERS Budgeted Rate71.03%12.40%83.43%
KHAZ34.39%2.46%36.85%
CERS19.30%4.76%24.06%**
CHAZ30.06%9.52%39.58%**
SPRS119.05%27.23%146.28%
Fiscal Year 2019 Pension and Insurance Components for GASB Reporting
SystemPensionInsuranceTotal
KERS *Reduced Rate41.06%8.41%49.47%
KERS Budgeted Rate71.03%12.4%83.43%
KHAZ34.39%2.46%36.85%
CERS16.22%5.26%21.48%**
CHAZ24.87%10.47%35.34%**
SPRS119.05%27.23%146.28%

*House Bill 1 passed during the 2019 special legislative session reduced the employer contribution rate for KERS Quasi-Governmental Agencies, keeping the rate at 49.47% effecitve July 1, 2019. Click here to view a list of agencies authorized to pay the reduced KERS Nonhazardous employer contribution rate for fiscal year 2020 (same as fiscal year 2019). Agencies not listed will pay the KERS Nonhazardous budgeted employer contribution rate. 

**House Bill 362 passed during the 2018 legislative session caps CERS employer contribution rate increases up to 12% per year over the prior fiscal year for the period of July 1, 2018 to June 30, 2028.

***Senate Bill 249 of the 2020 regular session of the legislature reset the amortization period back to 30 years from 24 years. It set the CERS employer contribution rates at the current 2020 level for one more year: 24.06% for CERS Nonhazardous and 39.58% for CERS Hazardous for the 2021 fiscal year. House Bill 352 of the 2020 regular session of the legislature set the KERS Nonhazardous, KERS Hazardous and the SPRS employer contribution rates for the new amortization period. The Quasi-government agencies FY 2021 employer contribution rate remained frozen at the 49.47% rate.


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