GASB Definitions

Actuarial Present Value of Projected Benefit Payments
Projected benefit payments discounted to reflect the expected effects of the time value (present value) of money and the probabilities of payment.
Cost-Sharing Multiple-Employer Defined Benefit Plan
A multiple-employer defined benefit pension plan in which the pension obligations to the employees of more than one employer are pooled and pension plan assets are used to pay the benefits of the employees of any employer that provides pensions through the pension plan.
Discount Rate
The blended rate at which the present value of projected future benefits is calculated. The system’s long-term expected rate of return on investments is used to the extent the plan’s fiduciary net position is projected to be sufficient to finance projected benefit payments. At the point it does not cover the payment of projected benefits, the system must use a rate approximating the yield of a 20-year AA tax-exempt general obligation bond.
Employer Proportional Share
The allocation of pension amounts (net pension liability and the components of deferred outflows, deferred inflows and pension expense) based on the proportion of each employer’s actual employer contributions to the total contributions of all employers. A Schedule of Employer Allocations will be prepared by STRS Ohio each year. The percentage or proportional share will be applied to the pension amounts and presented by STRS Ohio in the Schedule of Pension Amounts by Employer as of and for each fiscal year.
Fiduciary Net Position
Fair value of health care fund assets.
Measurement Date
The plan valuation date selected by the employer to report their share of the pension liability in their financial statements. The annual measurement date for STRS Ohio employers is June 30 of the prior or current fiscal year.
Money Weighted Rate of Return
A method of calculating period-by-period returns on pension plan investments that adjusts for the changing amounts actually invested.
Net OPEB Liability (NOL)
Total OPEB liability minus the plan fiduciary net position.
Net Pension Liability
The difference between the plan assets and the total obligations to plan participants as of the specific measurement date.
Other Post-Employment Benefits (OPEB)
All post-employment benefits other than retirement income (such as death benefits and disability benefits) that are provided separately from a pension plan, as well as post-employment health care benefits regardless of the manner in which they are provided.
OPEB Expense
Change in plan Net OPEB liability attributed to service cost, interest, change in benefit terms and assumptions, investment earnings and amortized experience differences, benefit payments and expenses.
Projected Benefit Payments
All benefits estimated to be payable through the pension plan to current active and inactive plan members as a result of their past service and their expected future service.
Total OPEB Liability (TOL)
Sum of prior year total OPEB liability plus current service cost, interest, difference between expected and actual experience, changes in assumptions and benefit payments.