The implementation of Governmental Accounting Standards Board Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68), as amended, was implemented as of June 30, 2015, for most OkMRF Members. From GASB 68’s perspective, pension benefits are a component of the compensation package and employment relationship between the employer and employee. As a result, each Member’s pension system now requires the employer report on their accrual based financial statements a pension expense, net pension liability, deferred (inflows) outflows and required footnote disclosures for each fiscal year ended.
Since inception, OkMRF Staff, Auditors and Actuary have taken various steps to assist you and your auditors to achieve the required pension amounts and related entries for your audited financial statements and to comply with the disclosure requirements of GASB 68, as amended.
OkMRF prepares an “Audit Packet” specific to each Member whose audited financial statements are prepared using accrual basis of accounting. It provides additional information necessary to comply with the GASB standards.
OkMRF Actuary mails the GASB 68 accounting valuation report of your Retirement Plan. Available on your OkMRF home page, bottom of page under actuarial reports, named as 20XX Accounting Valuation. Additional information available as follows:
Auditor’s reports available:
OkMRF “Audit Packet” is plan specific and mailed to members, if applicable:
- Recommended Actuarial Assumptions and Methods
- Census Data as of July 1
- Schedule of Employer and Employee Contributions for fiscal year
- Sample of Accounting Entries for GASB 68
- OkMRF Web site references for additional information
- Example of ARC calculation for footnote disclosure