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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.
Financial Reporting for Pension Plans: Amendment of GASB Statement No. 25
Accounting and Financial Reporting for Pensions: Amendment of GASB Statement No. 27
Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68: Amendments to Certain Provisions of GASB Statements 67 and 68
Pension Issues: Amendments of GASB Statements No. 67 and No. 73
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).
Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions