VRS Logo Wednesday, July 18, 2018

Governmental Accounting Standards Board (GASB)

GASB Resources

The Code of Virginia requires each public employee retirement system to publish an annual report that contains financial statements prepared in accordance with GASB standards.

GASB Statements No. 67 and No. 68 substantially changed the accounting and financial reporting requirements for public pension systems. Additional changes and clarifications were provided in GASB Statements No. 73 and 82.

Pensions

  • Statement No. 67 (applies to Plan) - Financial Reporting for Pension Plans—an amendment of GASB Statement No. 25
  • Statement No. 68 (applies to Employer) - Accounting and Financial Reporting for Pensions—an amendment of GASB Statement No. 27
  • Statement No. 73 (applies to Employer) - Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68
  • Statement No. 82 (applies to Plan and Employer) - Pension Issues

OPEB (Other Post-Employment Benefits)

GASB Statements No. 74 and 75 provide similar revised reporting for other post-employment benefit (OPEB) plans and employers who participate in those plans. For VRS, the OPEB plans include group life, retiree health insurance credit, Virginia Sickness & Disability Program (VSDP), Virginia Local Disability Program (VLDP) and the Line of Duty Act (LODA).

  • Statement No. 74 (applies to Plan) - Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
  • Statement No. 75 (applies to Employer) - Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
Top