The Governmental Accounting Standards Board has updated the reporting standards for pensions and other postemployment benefits obligations. Employers are encouraged to review the changes and determine their effect on the financial statements. CalSTRS has compiled resources to help understand the new guidelines and changes needed to implement them.
GASB Statement No. 67, Financial Reporting for Pension Plans, was implemented in CalSTRS fiscal year 2013-14 financial statements.
GASB Statement No. 68, Accounting and Financial Reporting for Pensions, was effective for plan employers in fiscal year 2014-15.
GASB 67 and 68 substantially revise financial reporting standards for state and local government defined benefit and defined contribution pension plans that are administered through trusts or equivalent arrangements.
GASB Statement No. 74, Financial Reporting for Post-Employment Benefit Plans Other than OPEB Plans, was implemented in CalSTRS fiscal year 2016-17 financial statements.
GASB Statement No. 75, Accounting and Financial Reporting for Post-Employment Benefits other than OPEBs, is effective for plan employers for the fiscal year 2017-18 financial statements.
GASB 74 and 75 reflect a fundamental overhaul in the standards for accounting and financial reporting for postemployment benefits other than pensions.