GASB 75

Who GASB 75 Affects

The Governmental Accounting Standards Board (GASB) Statement 75 applies to public employers that provide post-retirement benefits, other than pensions, to their retirees. 

Of the employers who participate in TCDRS, GASB 75 only applies to those who provide Group Term Life (GTL) coverage to their retirees, since this benefit is received after retirement.


Next Steps for Affected Employers

If you do provide GTL coverage to your retirees, this requirement will affect your financial reporting. It does not affect the cost of GTL coverage. These requirements are effective for fiscal years ending June 30, 2018, and after.

Your financial statements will have additional line items, schedules and note disclosures that only apply to the retiree portion of your GTL coverage. In June, a new GASB 75 report will be available on the Plan Documents page when you sign in to www.TCDRS.org/Employer. The report, similar to your GASB 68 report, will contain all the information you need to comply with these new standards. TCDRS will notify you when this report is available online.

If you have any questions, please call your TCDRS Employer Services Representative at
800-651-3848.

LATEST NEWS FOR EMPLOYERS
03.01.19

5 reasons to register for the 2019 TCDRS Annual Conference

    Attend the 2019 TCDRS Annual Conference and see what’s on the retirement horizon for you and your employees at the AT&T Executive Education and Conference Center in Austin, July 24–26, 2019. Need...

View article
02.13.19

Estimated portfolio and asset class returns as of Dec. 31, 2018

TCDRS’ estimated investment return for 2018 is between -2.75% and -3.25%, net of all fees. The estimated returns for individual asset classes (also net of all fees) are:       *Note: Our es...

View article

TOP PUBLICATIONS FOR EMPLOYERS

Plan Customizer User Guide
2017 Comprehensive Annual Financial Report

FORMS

Beneficiary Designation

TCDRS-06

Read More