GASB No. 68
The Maryland State Retirement and Pension System (“the System”) has implemented the Government Accounting Standards Board (GASB) Statement No. 67 (Financial Reporting for Pension Plans) which was effective for the System’s FY2014 financial statements. For the years ending June 30, 2015 and thereafter, GASB’s Statement No. 68 (Accounting and Reporting for Pensions) is effective for the financial statements of the System’s participating employers.
The System is a cost sharing, multi-employer defined benefit pension plan for the employees and school teacher personnel for the State’s 24 subdivision boards of education and certain local governmental entities that chose to participate in the System. Each of these “Participating Governmental Units” (“PGUs”) has been required to adopt GASB No. 68 in its financial statements and report its proportionate share of the System’s unfunded liability as of the close of its 2015 fiscal year and each fiscal year thereafter. At the link below is a letter to assist in this year’s adoption of this standard. Also provided, is the schedule of all PGU information needed from the System to adopt GASB No. 68: