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GASB Statement No. 68 became effective for fiscal years beginning after June 15, 2014 and significantly changes pension accounting and financial reporting for governmental employers who participate in a pension plan, such as OTRS, and who prepare published financial statements on an accrual basis using generally accepted accounting principles. Contribution rates and funding requirements are not impacted by GASB 68, and employers will continue to pay the contribution rates as provided by law. Employers will have to report their proportionate share of OTRS’ unfunded liability now called a “net pension liability” as a long-term liability.
OTRS will calculate the net pension liability based on an actuarial valuation as of the end of each fiscal year that ends on June 30 of each year. After OTRS receives its net pension liability calculation, each employer’s proportionate share will be calculated based upon employer contributions for the same fiscal year.
OTRS is committed to providing employers and their auditors with all of their information needed to understand the technical concepts of GASB 68 and to successfully implement the new pension financial reporting requirements. Additional information can be located using the links at the bottom of this page. OTRS will also publish the net pension liability allocation, schedule of pension amounts, required disclosures, and the independent auditor’s opinion on this website when that information is available.