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VRS Guidelines and Resources: Pension

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.

GASB Statements

To comply with GASB 68, 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 67 report includes member data, actuarial assumptions and methods used in developing the GASB 67 results.

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.

Note: Reports, sample journal entries and note disclosures, as well as other GASB documents are for the measurement period ended June 30 of the previous year.