GASB public pension accounting standards

GASB overview

The Governmental Accounting Standards Board (GASB) is an independent organization that establishes accounting and financial reporting standards for states, local governments, and school districts. The following documents provide employers GASB 67 and GASB 68 financial reporting information to account for TRA pension liabilities on the face of their government-wide financial statements.

Document archive

Select financial files created before April 2026 are linked below and available via TRA’s online document archive. These files are complex and are not fully accessible. If you have questions or need an accommodation, please contact us.

Recent GASB 67/68 reports

2025

• TRA GASB 67/68 report for accounting purposes (PDF)

Employer financial reporting documents

2025

• Suggested Footnotes for Employers 2025 (PDF)
• GASB 68 Supporting Schedules for Employers 2025 (PDF)

Audit information

TRA engaged CliftonLarsonAllen LLP to provide an opinion on the allocation of the actuarial results calculated by TRA’s actuary. The following opinions, letters, and communication provide employers information about the GASB 68 audit process for their financial reporting.

GASB 68 audit documents

2024

• Final GASB 68 Schedules with Audit Opinion 2024 (PDF)
• Audit Qualifications, Experience and Independence Report (PDF)
• Governance Communication 2024 (PDF)
• Overview of Audit Procedures 2024 (PDF)

Common questions

Why do our employer contributions not match the TRA employer contributions reported in the Schedule of Employer and Non-Employer Allocations?

Employer contributions reported by TRA may require reconciliation to employer unit remittance records for two reasons:

1. Employer contributions were based on pay dates during the fiscal year ended June 30. These numbers were used as the basis for the allocation of pension amounts by TRA.
2. The GASB 68 schedules presented to employers are based on fiscal year payroll data processed by TRA in mid-October. Payroll activity submitted after the processing date is not included in employer contributions.

In addition, contributions do not include employer payments for non-payroll items such as purchase of service, disability, or delinquency invoices. The definition of TRA pensionable (covered) salary is in Minnesota Statutes, section 354.05, subdivision 35. The employer unit should only remit employer contributions on eligible items of compensation.

How can I get help with GASB-related questions?

For technical information about GASB reporting requirements, questions about your district’s allocation, or other inquiries, please email [email protected].