June 10, 2016
Governmental Accounting Standards Board Statement No. 68 (GASB 68) Information Provided to Employers
The 2016 GASB 68 information is as of and for the year ended June 30, 2015 (measurement date) and is for use in employer’s financial statements for the year ended December 31, 2015 or June 30, 2016, whichever is applicable.
PSERS has provided, through an email blast, to its employer contacts and business managers information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68). PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard. The email contained explanations of what was provided and what the employers’ responsibilities are. Additionally there were three attachments.
The attachments included in the email contained the following audited and supplemental information:
o Schedule of Employer Allocations
o Schedule of Pension Amounts by Employer
o Schedule of Amortization of Employers’ Deferred Outflows/Inflows
o Notes to Schedule of Employer Allocations, Schedule of Pension Amounts by Employer, and Schedule of Amortization of Employers’ Deferred Outflows/Inflows
o Sample Note Disclosures
o Reconciliation of Reported Covered Payroll
o Schedule of Employers’ Changes in Proportion
o Schedule of Separately Finance Specific Liabilities
Additional GASB 68 Resources can be found on the PSERS Employer GASB 68 Information
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.
March 31, 2016
Employer Workshop Schedule
The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop. The workshops begin April 22 and run through June 3, 2016.
The workshop is recommended for business managers, payroll staff, human resources staff, and anyone else responsible for reporting information to PSERS. The primary focus of this year’s agenda will be retirement-covered compensation. The topic was selected based on your questions to your ESC representative and the questions PSERS must pose to you when calculating a purchase of service or retirement benefit. This workshop will not be educating you on the specific rules related to retirement-covered compensation, but address some of the problem areas. Our Employer Reference Manual, specifically Chapter 8, defines the specific rules governing retirement-covered compensation. If you are new to this topic or the position that requires you to report information to PSERS, we recommend that you familiarize yourself with the information in Chapter 8 prior to your attendance at the workshop. If you have any questions prior to the workshop, please don’t hesitate to contact your ESC representative.
This workshop will aid you in the reporting of salary to PSERS based on the Retirement Code. Unfortunately, time will not permit us to discuss each situation in depth, but hopefully answer the questions and address the problems you are encountering. Whether you have an in depth knowledge of PSERS rules or not, we invite you to attend and pick up some helpful information.
We are looking forward to seeing as many of you there as possible. If you have not responded to your ESC Rep yet, please do so as soon as possible. If you weren’t planning to attend, but your schedule changes that would permit you to attend, please come. We always enjoy the personal interaction.
The actual agenda and a list of locations, dates, and times are listed below.
March 3, 2016
Attention School Employers: Please Distribute This Message To Your Superintendent, Business Manager, and Accountant Immediately.
PSERS has been advised by the Commonwealth Office of the Budget that the March 2016 and June 2016 retirement subsidy payments to public school employers are scheduled to be paid in the normal course of business, as the School Employee Retirement line item was fully funded in the enacted Pennsylvania General Fund budget signed December 29, 2015. As such, the payments are scheduled for March 16, 2016 and June 16, 2016 from the Pennsylvania Department of Education.
Public school employers have up to five business days after receipt of the Commonwealth Share (retirement subsidy payment) of the employer contributions to provide the Total Employer Contribution payment to PSERS. The Total Employer Contribution is the Total Employer Share made up of the Commonwealth Share and School Share. Please note, all past due payments may incur a 6% interest charge.
For reference, two links to the Governor’s Budget Office can be found below. The first is the Enacted Budget for 2015-2016; the second is for the line item detail. In the second link, please note page 4, that line number 175 under Education (continued from page 3) is for $1,725,000,000. This amount represents the full year’s Retirement Subsidy funding for public school employers.
Any questions regarding the information PSERS has provided can be sent to RA-PSERSEMPACCT@pa.gov or you may contact your Employer Service Center Representative at 1-866-353-1844.
Public School Employees’ Retirement System