GASB 68 – Pension Disclosures for year-end
As a cost-sharing employer, did the retirement system provide you the necessary year-end disclosures for GASB 68?
Many housing authorities, utility districts and other smaller members of large retirement systems approach their fiscal year end and face their first time complying with GASB 68 “Accounting & Financial Reporting for Pensions”. As you’re likely aware, GASB 68 has significantly enhanced disclosures vs GASB 27 and may be a compliance headache for many smaller employers.
Beginning last year, we have encouraged our clients to reach out to the retirement system pension actuaries to see if the system would provide them the required year-end disclosures for their annual audit. If your system does not provide you with the separate required disclosures for your audit. Odyssey is here to help as we create those disclosures based on the existing actuarial report along with very limited information provided by you.
As always, if you have questions on this or would like to receive a quote, feel free to reach out to your Odyssey consultant.