GASB Reporting Changes
In recent years, the Governmental Accounting Standards Board (GASB) approved a number of revised standards that affect NHRS and/or its participating employers.
- GASB 67, Financial Reporting for Pension Plans, changed the accounting and financial reporting of NHRS and other public employee pension plans beginning in fiscal years commencing after June 15, 2013 (i.e. fiscal years ending June 30, 2014, or later).
- GASB 68, Accounting and Financial Reporting for Pensions, changed financial reporting of participating state and local governments beginning in fiscal years commencing after June 15, 2014 (i.e. fiscal years ending June 30, 2015, or later).
- GASB 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, will change the financial reporting of OPEB plans that administer other post-employment benefits on behalf of governments beginning in fiscal years commencing after June 15, 2016 (i.e. fiscal years ending June 30, 2017, or later). This statement impacts NHRS in regard to the Medical Subsidy benefit paid to eligible retirees and qualified dependents, which is paid from a 401(h) medical trust funded through employer contributions.
- GASB 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, will change the accounting and financial reporting for governments that provide OPEB to their employees and for governments that finance OPEB for employees of other governments beginning in fiscal years commencing after June 15, 2017 (i.e. fiscal years ending June 30, 2018, or later).
In an effort to assist employers with the implementation of these GASB standards, NHRS has created this page, which includes NHRS employer communications and links to additional resources.
NHRS Employer Communications
State and Local Government Expert Panel of the American Institute of Certified Public Accountants (AICPA):
- New Will Pensions and OPEBs Break State and Local Budgets? Center for Retirement Research, October 2016
- 10 Things You Should Know About Public Pension Disclosure Changes, SLGE, May 2016
- Issues Related to Information for Employer Reporting, SLGEP Pension Whitepaper, February 2014
- Issues Associated with Testing Census Data in an Audit of Financial Statements, SLGEP Pension Whitepaper, February 2014
- GASB 67 and 68: Technical and Implemenation Issues, Ongoing series of articles in PERiScope newsletter, Milliman, 2014
- Books, Budgets, and Bonds: What Do All Those Pension Numbers Mean?, Government Finance Review, April 2013