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Karl Greve, chief financial officer

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Presentation on theme: "Karl Greve, chief financial officer"— Presentation transcript:

1 Karl Greve, chief financial officer
GASB 68 Update Karl Greve, chief financial officer

2 Employer and Auditor Education
GASB 68 Update Employer and Auditor Education Overview Video and Glossary Now Available on Colorado PERA Website Detail Videos In Process Topic #1: A New GASB Approach Topic #2: Types of Pension Plans Topic #3: Calculating the Collective Net Pension Liability (NPL)

3 Employer and Auditor Education (con’t)
GASB 68 Update Employer and Auditor Education (con’t) Future Topics – Subject to Change Topic 4: Discount Rate Topic 5: Collective Deferrals [plan level] Topic 6: Collective Pension Expense [plan level] Topic 7: Employer’s Proportionate Share Topic 8: Deferrals & Pension Expense [Employer level] Topic 9: Notes to the Financial Statements Topic 10: Schedules required in the RSI & Notes to RSI

4 Employer and Auditor Education (con’t)
GASB 68 Update Employer and Auditor Education (con’t) Future Topics – Subject to Change Topic 11: Delivery and Flow of Information Topic 12: Journal Entries Topic 13: Transition Topic 14: Audit Issues

5 GASB Statement 68 Implementation Guide
GASB 68 Update GASB Statement 68 Implementation Guide Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting For Pensions Issued January 2014 Note: School Division Trust Fund is a cost-sharing multiple employer defined benefit plan

6 AICPA White Papers and Audit Interpretations
GASB 68 Update AICPA White Papers and Audit Interpretations SLGEP Pension Whitepaper on Employer and Related Auditor Issues: Cost-Sharing Plans SLGEP Pension Whitepaper on Census Data Related to Cost-Sharing Plans Audit Interpretations – Anticipated by End of March

7 GASB 68 Update KPMG Archived Webcast
Critical Issues in Implementing the New GASB Pension Standards—A Look At Where We are Now

8 Proportional Share Calculation
GASB 68 Update Proportional Share Calculation Reported by Employer Agency Agency used to transmit contributions to Colorado PERA Annual Accrued Actual Contributions Based on Colorado PERA Year-End (December 31st) Reconciliation Schedule will be Provided to Employer Cash contributions sent through STARS system adjusted for accrual, refunds New employer agencies contributions to be annualized per GASB implementation guide

9 GASB 68 Update Stay in Touch Employer GASB Contact
To update contact Colorado Employer Representative Or change to Colorado PERA GASB Pension Reporting Standard Website Contact Colorado PERA’s GASB 68 Workgroup via at

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