Implementation of Governmental Accounting Standards Board Statement No. 68 (GASB 68)
On Friday June 26th, PSERS provided,
through an email blast, to its employer contacts and business managers
information necessary to implement Governmental Accounting Standards
Board Statement No. 68 (GASB 68).
The attachments included in the email contained the following audited
and supplemental information:
- Schedule of Net Pension Liability Allocations by Employer
- Schedule of Allocations of Pension Amounts by Employer
- Schedule of Employers’ Proportionate Share of Deferred Outflows/Inflows
- Notes to Pension Liability Allocations, Allocations of Pension Amounts by Employer, and Employers’ Proportionate Share of Deferred Outflows/Inflows
- Sample Note Disclosures
- Reconciliation of Reported Covered Payroll
If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov.
Employer Contribution Rate for Fiscal Year 2015-2016
The employer contribution rate for fiscal year 2015-2016 will be 25.84%. The rate applies to salary and wages earned from July 1, 2015, through June 30, 2016. This rate was determined by PSERS’ actuary and reflects the rate caps established by Act 120 of 2010. The rate was certified by the PSERS Board of Trustees at its meeting on December 9, 2014. In addition, the employer contribution rate may change if pension legislation is enacted prior to June 30, 2015. The employer contribution rate for fiscal year 2015-2016 consists of 25% for pension costs and 0.84% for premium assistance payments. The projection for the employer contribution rate for fiscal year 2015-2016, prior to the rate caps being established with Act 120 of 2010 was 33.49%.
The session will last approximately 2 hours. Our primary focus will be directed to leaves of absences and the creation of the proper Contract Records, the reporting of salary, contributions, and service units.
Note: Please bring your own beverages and snacks. Unfortunately, PSERS is not permitted to offer refreshments.