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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).  PSERS has endeavored to provide as much information as possible to its employers as they prepare for this implementation.  The email contained explanations of what was provided and what the employer’s responsibilities are.  Additionally there were three attachments. 

The attachments included in the email contained the following audited and supplemental information: 

Audited

Supplemental (Unaudited)

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%.


Workshop Agenda:

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.

Click here to view the Workshop Schedule!


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