GASB 68 Employer Allocation for NYSERS Report

New York State has the third largest pension fund in the United States with $184.5 billion in audited net assets (March 31, 2015) held in trust for pension benefits. There are over a million members and 3,000 employers participating in the NYSERS.

Governmental Accounting Standards Board Statement No. 68

The New York State Employees Retirement System (NYSERS) released a report last month that provides information participating employers will need for financial statement reporting under Governmental Accounting Standards No. 68, Accounting and Financial Reporting for Pensions (GASB68). Participating employers are required to implement GASB68 for fiscal years beginning after June 15, 2014. Implementation time frames vary depending on the individual employer’s fiscal year end.

Learn more about Statement No. 68 as well as some frequently asked questions by visiting their website.

The report with Schedules of Employer Allocations and Schedule of Pension Amounts by Employer can be found here (PDF).

BPAS provides an array of employee benefit services for governmental employers across New York State and the U.S. and is available to assist other similar employers with their needs.