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Implementation of GASB No. 68 for the Fiscal Year Ended June 30, 2015
The Maryland State Retirement and Pension System ("the System") has implemented the Government Accounting Standards Board (GASB) Statement No. 67 (Financial Reporting for Pension Plans) which was effective for the System's FY2014 financial statements. For the years ending June 30, 2015 and thereafter, GASB's Statement No. 68 (Accounting and Reporting for Pensions) is effective for the financial statements of the System's participating employers.
The System is a cost sharing, multi-employer defined benefit pension plan for the employees and school teacher personnel for the State's 24 subdivision boards of education and certain local governmental entities that chose to participate in the System. Each of these "Participating Governmental Units" ("PGUs") is required to adopt GASB No. 68 in its financial statements for the year ending June 30, 2015 and report its proportionate share of the System's unfunded liability as of the close of its 2015 fiscal year and each fiscal year thereafter. At the link below is a letter to assist in this year's adoption of this standard. Also provided, is the schedule of all PGU information needed from the System to adopt GASB No. 68:
- Letter from SRA Executive Director to PGUs regarding GASB No. 68 implementation
- Schedule of Employer Allocations and Schedule of Pension Amounts
- GASB Statement No. 68: A primer (video) YouTube Vimeo