Document

Report
GASB Implementation
Report – Colorado PERA
Karl Greve, Chief Financial Officer
Colorado PERA’s Mission Statement
To promote long-term financial security for our
membership while maintaining the stability of the fund
Agenda
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GASB 68 Implementation Date
Definition of Terms
GASB 68 Impact of Cost-Sharing Plans on
Employers
Colorado PERA Implementation Efforts
Audit Developments
GASB Implementation Guide
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GASB 68 Implementation Date
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GASB 68 – Employer Reporting – For year
ended June 30, 2015 and after
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Definition of Terms
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Net Pension Liability (NPL)—Each employer’s
proportionate share of the total plan unfunded
liability (Total Pension Liability minus the
Pension Plan’s Net Position)
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Definition of Terms
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Pension Expense—Changes in NPL,
recognized in the current reporting period. There
are some exceptions that include changes due
to differences between expected and actual
experience and changes in actuarial
assumptions, which are amortized over time
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Definition of Terms
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Deferred outflows/inflows – Generally, these
are unamortized changes due to differences
between expected and actual experience and
changes in actuarial assumptions, which are
recognized in pension expense in future periods
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GASB 68 Impact of CostSharing Plans on Employers
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Cost-sharing plan – A multiple-employer plan
which pools assets and liabilities. Plan assets
can be used to pay benefits of the employees of
any employer in the plan
GASB 68 – Requires each employer to report its
proportionate share of the NPL, pension
expense, and pension related deferred
outflows/inflows of resources
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GASB 68 Impact of CostSharing Plans on Employers
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Proportionate Share – An employer’s
proportionate share should be determined
consistent with the manner in which
contributions to the pension plan are determined
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Example: Current year employer’s plan contributions
as a percentage of the current year total plan
contributions
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GASB 68 Impact of CostSharing Plans on Employers
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Extensive note disclosures
Required Supplemental Information (RSI)
 10-year Schedule of Proportionate Share of
the Net Pension Liability
 10-year Schedule of Contributions
 Additional notes to RSI are required
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Colorado PERA Implementation
Efforts
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PERA GASB Work Team
Employer Interactions
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Set up new employer contact list for financial
reporting contacts
Surveyed employers
Held employer roundtable meeting
Made presentations to various organizations in state
Responding to preliminary questions from employers
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Colorado PERA Implementation
Efforts
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Education and Communication
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Developing guide for governing bodies
Developing web-based educational program
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Available for auditors and employer staff
Overview session
Governing body overview
Impact and calculations – Technical Video Series
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Colorado PERA Implementation
Efforts
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Data Generation and Allocation
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Issues with definition of employer
Test calculations based on statements
Begin development of data for proportionate share
calculation
Determination of discount rate
Development of template/sample note disclosures
Public Pension Financial Forum (P2F2)
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Set up monthly discussion group
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Audit Developments
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AICPA State & Local Government Expert Panel
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Best practice document (Oct 2013)
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Cost-Sharing Multiple Employer Plans– audited statements
Met with State Auditor’s office
Met with CSCPA Governmental Issues
Committee
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GASB Implementation Guide
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Karl Greve member of advisory group to GASB
67 & GASB 68 implementation guides
GASB work group reviews draft implementation
guides and comments are forwarded to GASB
staff
GASB 68 implementation guide expected to be
released January 2014
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Get Engaged – Stay Involved
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Colorado PERA - GASB Reporting Standards
web address
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https://www.copera.org/pera/employer/gasb.htm
Colorado PERA - GASB Reporting Standards
email
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[email protected]
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