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Pensions and Benefits
GASB 67 Notice

Government Accounting Standards Board (GASB) Statement No. 67 which supersedes financial reporting requirements for pension plans under GASB Statement No. 25 became effective for financial statements for fiscal years beginning after June 2013. Accordingly, the Fiscal Year 2014 Division of Pensions and Benefits financial statements have been completed and reflect the adoption of the new accounting standard. The issued audit report by the independent auditors’, KPMG LLP, can be viewed at the following link.

Fiscal Year 2014 Audited Report

The audit report includes the required information and disclosures to ensure compliance with the new standard which was developed by the pension systems’ actuaries and was extracted from the GASB 67 reports that can be viewed at the following link.

Fiscal Year 2014 GASB 67 reports

In order to comply with the new standard, the information and disclosures for the Public Employees’ Retirement System (PERS) and Police and Firemen’s Retirement System (PFRS), the multi-employer pension plans, had to be developed in the aggregate per system and not separately for the State and local employers. As such, the charts available at the following links provide a summary of required GASB 67 disclosures per system for fiscal year 2014 and a comparison between fiscal years 2014 and 2013 including the net pension liability, plan fiduciary net position as a percentage of total pension liability, and depletion date.

GASB 67 Summary Chart for 2014 and Comparison between 2014 and 2013

Please note that GASB statements solely govern financial reporting and disclosure requirements.  Therefore, this new method does not result in a change with respect to the calculation of the statutory assets, liabilities and contribution requirements for the State and local employers.  Accordingly, available at the following links are summary charts that provide the unfunded liabilities and funded ratios calculated pursuant to the statutory funding requirements for all systems with plan assets and liabilities accounted for separately for the State and local employers for fiscal year 2014 and a comparison between fiscal years 2014 and 2013.

Statutory Summary Chart for 2014 and Comparison between 2014 and 2013

 

 
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