State Teachers Retirement System of Ohio

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eUPDATES for Employers

GASB 68 Schedules and Calculator Now Available

Jan. 23, 2015

As you are aware, the Governmental Accounting Standards Board (GASB) has issued new standards under GASB 68 that require employers to include their proportionate share of STRS Ohio’s net pension liability (NPL) and annual expense in their financial statements. These standards must be applied to employer financial statements in fiscal years beginning after June 15, 2014. For most STRS Ohio employers, this will be the year ending June 30, 2015, and later.

STRS Ohio is pleased to introduce three new tools to assist you as you plan to implement the requirements of GASB 68.

Contribution Schedules

STRS Ohio has prepared two contribution schedules for each employer, which can be accessed in the Employer Self Service (ESS) area of our employer website:

  • The Schedule of Contributions by Member for GASB 68 Audit Selection lists contributions by individual member for fiscal year ended June 30, 2014. It will provide your auditors with individual member detail needed for any field-testing of census data that may be performed. To access this schedule, log in to ESS, select “Documents” in the Application Menu, and click on “GASB 68 Contributions by Member.”

  • The Schedule of Contributions for GASB 68 lists total member and employer contributions for the fiscal year ended June 30, 2014. It will allow you to calculate an estimate of your proportionate share of NPL. To access this schedule, log in to ESS, select “Documents” in the Application Menu, and click on “GASB 68 Schedule of Contributions.”

Calculator

The third tool, a GASB 68 calculator, will allow you to use your total employer contributions found in the Schedule of Contributions for GASB 68 to calculate an estimate of your proportionate share of NPL that must be reported in your financial statements. The GASB 68 calculator can be accessed on our home page under “Calculators” at the far-left bottom of the page.

Next Steps

STRS Ohio is committed to assisting you with implementing the new requirements of GASB 68. The information provided in this update is just the first step in our next phase of information sharing.

In late May, STRS Ohio will offer a GASB Reporting Requirements information session for you and your auditors. Watch for an announcement with details in April. We also anticipate final versions of the Schedule of Employer Allocations and Schedule of Pension Amounts by Employer will be available in late spring. Please stay tuned for more information.

In the meantime, if you have questions about GASB 68 or need assistance using the new schedules or calculator, please contact the STRS Ohio Employer Reporting Department toll-free at 888‑535‑4050.

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