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Please note that a new version of the GASB 68 report and Excel tables is now available.  These enhanced reports include the June 30, 2016, Net Pension Liability so that employers can use the data for the calculation of their pension expense.  The enhanced data is included in Schedule B of both the audited report and Excel Tables.

A brief example of how to use this information is included in both the CERS and KERS Excel workbooks.

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

KRS’ actuary, Cavanaugh Macdonald, calculated each employers proportionate share of the KERS and CERS plan’s Net Pension Liability (NPL) and Pension Expense (PE) and KRS provided this information to its participating employers in an annual report.

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

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 2016 Pension and Insurance Components for GASB 68 Reporting
KERS Hazardous16.37%9.97%26.34%
CERS Hazardous20.26%12.69%32.95%


Each employer’s share of the unfunded liability (Total Pension Liability) minus the Pension Plan’s Fiduciary Net Position) associated with their employees and retirees who participate in the plan.

A blended or single rate (expressed as a percentage) that reflects (1) the long-term expected rate of return on pension plan investments to the extent (a) this rate will support projected benefit payments of the plan, and, (b) assets will be invested using the current allocation targeted to achieve that return; and (2) for the period that benefit payments not supported will incorporate an index rate for 20-year tax-exempt municipal bonds.

Changes in KRS’ Net Pension Liability, recognized in the current reporting period, plus changes due to differences between expected and actual experience, changes in economic and demographic assumptions, and the difference between projected and actual earnings on pension plan investments that are factored into the PE calculation over a period of years.

A plan’s net assets at market value.

Portions of a plan’s collective Net Pension Liability, collective Pension Expense and other disclosure items of the plan related to pensions—attributable to a specific employer.

The portion of the actuarial present value of projected benefit payments (reflecting projected service and anticipated salary and benefit increases) that is attributed to past periods of member service.  TP is similar to current Actuarial Accrued Liability (AAL) determined under the Entry Age Normal Actuarial Cost Method, using the Discount Rate.

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