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
The 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
FYE 2025 Examination Report Over Selected Management Assertions Related to Census Data
FYE 2025 Schedule of Changes in Fiduciary Net Position by Employer