GASB Statement No. 68 Employer Information Page

The Governmental Accounting Standards Board (GASB) issued GASB Statement No. 68. It amends how employers report their pension plans. It applies only to employers that present their financial statements on a GAAP basis. The change is effective for fiscal years beginning after June 15, 2014.

Related Documents:

We will send you a new step each month to help you prepare. The steps are listed below:

If you have any questions, please contact our employer services group at (888) 876-2707 or eppa@inprs.in.gov.


Step 1: For August, please read the cost-sharing employers sections of GASB Statement No. 68. They are paragraphs 48-82, 92-96 and 120-122. Click here to read.


Step 2: For September, please re-read GASB Statement No. 68, paragraphs 48-82, 92-96 and 120-122. Click here to read.

NOTE: It is important that you become familiar with and understand your organization’s pension information. You need to be confident you can answer any questions your auditor may ask (including the appropriateness of actuarial assumptions).

After reading these paragraphs, you should be familiar with the following:

  • How GASB Statement No. 68 impacts your organization’s financial statements.
  • GAAP basis employers will have to book for the first time:
    • Net Pension Liability (NPL)
    • Deferred outflows/inflows of resources
    • New method of calculating pension expenses

Step 3: For October, you will need to familiarize yourself with the new notes disclosures below.

  1. If applicable, the total of all of the employer’s pension liabilities/assets, deferred outflows/inflows of resources, and pension expense for the period associated with net pension liabilities (paragraph 74)
  2. Description of the pension plan (paragraph 76 or paragraph 109 for TRF Pre-1996)
  3. Assumptions and other inputs for the net pension liability (paragraph 77 or paragraph 110 for TRF Pre-1996)
  4. Discount rate disclosure (paragraph 78 or paragraph 111 for TRF Pre-1996)
  5. Information on the fiduciary net position (paragraph 79 or paragraph 112 for TRF Pre-1996)
  6. Additional information including but not limited to (paragraph 80 or paragraph 113 for TRF Pre-1996):
    • proportionate share (amount and percentage)
    • measurement date
    • changes in assumptions and inputs
    • pension expense

Within the GASB 68 implementation guide:

  • PERF, TRF 1996, and 1977 plans should review illustration 3a
  • TRF Pre-1996 (special funding situations) should review illustration 4a

You may want to speak with your auditors about GASB 68, as you need to be confident you can answer any questions your auditor may ask (including the appropriateness of actuarial assumptions).


Step 4: For November, you will need to familiarize yourself with the RSI. Please reference GASB Statement No. 68:

  • PERF, TRF 1996, and 1977 Fund should read paragraphs 81 and 82 and illustration 3
  • TRF Pre-1996 (special funding situations) should read paragraphs 81 and 82 and illustration 4

The RSI section of the financial statements will need to include the following new schedules:

  • a 10-year schedule of the employer’s proportionate share of the net pension liability
  • a 10-year schedule of employer’s contributions
  • a schedule of notes to the RSI

NOTE: 10-year schedules can be built over time.

Within the GASB 68 implementation guide:

  • PERF, TRF 1996, and 1977 Fund plans should review questions 209-217
  • TRF Pre-1996 (special funding situations) should review question 224

You may want to speak with your auditors about GASB Statement No. 68, as you need to be confident you can answer any questions your auditor may ask.


Step 5: For January, you will need to decide what Measurement Date to use. Once selected, you will be required to continue using it in the future. The Measurement Date is used to determine the collective net pension liability. It will correlate to INPRS’ prior or current year June 30 fiscal year end dates.

INPRS will provide employers with GASB 68 information in December of each year. Due to this timeframe, INPRS recommends using a measurement date based on your specific fiscal year end.

If your fiscal year ends on June 30, we suggest you consider using the prior year June 30 Measurement Date.

  • Example: For a June 30, 2015 fiscal year end, you would use the June 30, 2014 Measurement Date.

If your fiscal year ends on Dec. 31, we suggest you consider using the current year June 30 Measurement Date.

  • Example: For a Dec. 31, 2015 fiscal year end, you would use the June 30, 2015 Measurement Date.

Please reference GASB Statement No. 68:

  • Paragraphs 48, 50 & 60, and

Within the GASB 68 implementation guide:

  • Review questions 37-38

Step 6: For February, read the sections below from the GASB Statement No. 68 Implementation Guide. They will help you understand and apply what you have learned from reading the statement.

Cost-sharing employers should read questions 121-217 and Illustration 3. Focus on questions 196-217, which cover:

  • recognition in the financial statements,
  • notes to the financials, and
  • required supplementary information.

Cost sharing employers with special funding (TRF Pre-1996) should read questions 224-227 and Illustration 4.


Step 7: For April, we ask you to watch this GASB No. 68 Training Video. The steps to watch the video are listed below.

  1. Click the GASB No. 68 Training Video link,
  2. Fill in the required fields, and
  3. Click the “view” button.

The training video will begin automatically. Once you've registered, you may also receive an email from Training SBOA. You may access the training video from either the email or via the links above.


Every attempt has been made to verify that the information in this publication is correct and up-to-date. Published content does not constitute legal advice. If a conflict arises between information contained in this publication and the law, the applicable law shall apply.