KEEPING UP WITH GASB 68

Three Ways GASB 68 Could Affect You

The Governmental Accounting Standards Board (GASB) reporting standards related to pension plans separate financial reporting from plan funding. Now there are two completely different sets of numbers. One set is calculated for the purposes of financial reporting and one for determining how much you need to pay to fund benefits.

It is important to remember that although GASB 68 impacts your financial reporting, it has no impact on your plan funding.

We are here to help every step of the way. View the GASB 68 Playbook to help you take your GASB 68 Report and apply it to your financials. If you have any questions, please contact your Employer Services Representative at 800-651-3848.


FINANCIAL REPORTING

You will use the GASB 68 Report to complete your audited financial statement. We’ll provide you ​with the necessary information.

LEARN HOW GASB 68 AFFECTS YOUR FINANCIAL REPORTING

AUDIT PROCESS

Your auditors will need assurance that the retirement plan data on your financial statement is accurate. We provide you with a SOC 1 Report to help you complete your audit processes.

FIND OUT MORE ABOUT THE AUDIT PROCESS

DECISION-MAKING

While you decide every year whether to adopt a cost-of-living adjustment (COLA) for your TCDRS retirees, under the GASB 68 requirements, adoption of frequent COLAs can have an impact on your balance sheet.

WHAT IS A “REPEATING COLA”?
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