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GASB Overview

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The GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports.

The 2021 GASB 67, GASB 74, GASB 68 , and GASB 75 Actuary Reports for CERS, KERS, and SPRS are posted below. The GASB 68 and 75 tables include the June 30, 2021, Net Pension Liability, and Net Other Post-employment Benefits (OPEB) Liability so that employers can use the data for the calculation of their pension and OPEB expense. 

KPPA recommends that each employer review the GASB 68 and 75 Excel tables with its external auditor to ensure that it meets all the requirements of the statement, and to ensure that the required calculations have been performed correctly and accurately.

KPPA’s actuary, Gabriel Roeder Smith (GRS), calculated each employer’s proportionate share of the KERS and CERS plans' Net Pension Liability (NPL); Pension Expense (PE); Net OPEB Liability; and, OPEB Expense.


In order for practitioners to implement the GASB 68 and 75 reporting, they will need the split of employer contributions between the Pension and Insurance components. Those splits are listed below. 

Fiscal Year 2022 Pension and Insurance Components for GASB Reporting
Fiscal Year 2021 Pension and Insurance Components for GASB Reporting
KERS*** Reduced Rate41.06%8.41%49.47%
KERS*** Budgeted Rate73.28%11.15%84.43%

*House Bill 192, approved in the 2021 regular session of the legislature, set the normal cost contribution rate at 10.10%, plus a monthly amount as defined by the actuary for the unfunded liability.

**House Bill 192 also set the KERS Hazardous (KERSH) rate of 33.43%.​

​***Senate Bill 249 of the 2020 regular session of the legislature reset the amortization period back to 30 years from 24 years. It set the CERS employer contribution rates at the current 2020 level for one more year: 24.06% for CERS Nonhazardous and 39.58% for CERS Hazardous for the 2021 fiscal year. House Bill 352 of the 2020 regular session of the legislature set the KERS Nonhazardous, KERS Hazardous and the SPRS employer contribution rates for the new amortization period. The Quasi-government agencies FY 2021 employer contribution rate remained frozen at the 49.47% rate.

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