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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 2017 Proportionate Share Audit Report and 2017 GASB 67, 68, 74, and 75 Actuary Reports for CERS, KERS and SPRS.  Posted below are the actuary reports and the GASB 68, and 75 tables (in Excel format).  Please note that we have also posted a DRAFT of our independent audit report for the Fiscal Year ended June 30, 2017.  This report will be final when approved by our Board of Trustees at their June 7 meeting.  The GASB 68 and 75 tables include the June 30, 2017, Net Pension Liability, and Net Other Postemployment 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.

GASB 74 and 75

GASB 74 and 75 are new reporting requirements for Other Post-Employment Benefits (OPEB). These requirements apply to the insurance plans. Reporting will be similar to GASB 67 and 68 requirements for the pension plans. KRS began GASB 74 reporting effective fiscal year 2016-2017. GASB 75 impacts employers and will be required for reporting on the current fiscal year. Watch this video to learn more about GASB 75 reporting requirements for employers.





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.  Click here for additional disclosure information related to investments: Asset Allocations

Fiscal Year 2017 Pension and Insurance Components for GASB 68 Reporting
KERS Hazardous21.08%2.74%23.82%
CERS Hazardous21.71%9.35%31.06%
Fiscal Year 2018 Pension and Insurance Components for GASB 68 Reporting

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