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Maine Public Employees Retirement System
P.O. Box 349, Augusta, ME 04332-0349
toll free: (800) 451-9800 ● local: (207) 512-3100

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GASB
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GASB
Summary
 

In June of 2012, the Governmental Accounting Standards Board (GASB) approved two new standards that will affect MainePERS and many of its participating employers.  GASB Statement 67 will change the accounting and financial reporting of MainePERS beginning with our fiscal year ending June 30, 2014.  GASB Statement 68 will change 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).

 

In short, GASB Statement 68 will require employers who participate in defined benefit pension plans to recognize a net pension liability on their financial statements.  The net pension liability is defined as the total pension liability minus the pension plan’s fiduciary net position.  Cost-sharing employers will report their proportionate share of the net pension liability for the plan as a whole.

 

Other changes required by GASB statement 68 include a change in the calculation of pension expense.  Pension expense will now be calculated, generally, as the difference between the beginning and ending net pension liability amounts for the period.  This amount will be different from the amount of contributions the employer makes during the year.

 

It is important to note that the changes being required by GASB are for financial reporting only.  They do not change the way contributions are calculated.  MainePERS will continue to work with our actuaries and Board of Trustees on funding policy and contribution requirements.

 

MainePERS is committed to providing the necessary information and support to all of our employers so that you may successfully implement these new standards.  We will continue to add additional information and resources to the website as it becomes available.  In the meantime, should you have questions that aren’t addressed in these pages, please let us know.  Click on the “Contact Us” link in the main GASB Changes page for contact information.

 


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Information contained on this Web site is neither a legal reference nor a complete statement of the laws or MainePERS administrative rules. In any conflict between this information and Maine laws or administrative rules, the laws and administrative rules shall prevail.

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