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VRS Guidelines and Resources: OPEB

VRS monitors Governmental Accounting Standards Board (GASB) statements and regularly provides guidelines and resources to assist employers in their compliance efforts as well as with other financial reporting requirements. Bookmark this page in your web browser and check it regularly for the latest updates.

2018 Audit Opinions & Disclosure Guidance

To assist employers with financial reporting, VRS is providing GASB schedules and corresponding opinions issued by the state auditor's office. In addition, VRS has developed sample journal entries and sample note disclosures for employers' reference for the following post-employment benefits:

  • Health Insurance Credit (HIC)
  • Group Life Insurance (GLI)
  • Line of Duty Act Fund (LODA)
  • Virginial Local Disability Program (VLDP)
  • Virginia Sickness & Disability Program (VSDP)

Report on Management's Assertions

GASB Statements

To comply with GASB 75, employers that prepare annual financial statements are required to report net pension liability (NPL) and pension expense (PE) as participants in VRS. Within this report, you will find employer-specific information to be included in your financial statements.

The GASB 74 report includes member data, actuarial assumptions and methods used in developing the GASB 74 results.

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