GOVERNMENTAL ACCOUNTING
STANDARDS BOARD

GASB accounting rules

GASB 68 requires employers to include a portion of TRA’s unfunded liability, called the net pension liability (NPL) on the face of their government-wide financial statements.

For technical information about GASB reporting requirements, questions about your district’s allocation, or other pension accounting inquiries, contact employerquestions@minnesotatra.org.

GASB Reports

• 2022 TRA GASB 67/68 report for accounting purposes
• 2021 TRA GASB 67/68 report for accounting purposes
• 2020 TRA GASB 67/68 report for accounting purposes
• 2019 TRA GASB 67/68 report for accounting purposes
• 2018 TRA GASB 67/68 report for accounting purposes
• 2017 TRA GASB 67/68 report for accounting purposes
• 2016 TRA GASB 67/68 report for accounting purposes
• 2015 TRA GASB 67/68 report for accounting purposes

GASB 68 Audit Procedures Available

The Office of the State Auditor was engaged by the Teachers Retirement Association (TRA) to audit and provide opinions on the TRA’s GASB 68 Pension Schedules. A summary of the audit procedures performed can be found at the State Auditor’s website. Whether as part of a group audit or as an employer auditor needing to rely on the audit work of a pension plan’s GASB 68 schedules, other auditors may need to document the qualifications, experience, and independence of the Office of the State Auditor. A summary of the Audit Practice Division’s staff competencies and policies can be found at the State Auditor’s website.

Fact Sheets

TRA Fact Sheets

• GASB in brief
• GASB overview
• GASB QA for employers

NASACT Fact Sheet
State and local government retirement systems have significant oversight and disclosure requirements, some of which are being considerably modified. Several new and separate public pension calculations are being published — each derived in different manners and for distinct purposes — and could easily be misunderstood and create confusion. Here are ten key takeaways regarding existing disclosures, notable changes, and their effects. This fact sheet is published by the National Association of State Auditors, Comptrollers and Treasurers (NASACT).

School Districts, Charters Get TRA Financial Data

TRA delivered GASB 68 financial reporting disclosures on June 12, 2020, to school districts and charter schools for their financial reporting for the fiscal year ending June 30, 2020. Individual results are available in the TRA employer portal.

TRA engaged the Office of the State Auditor to provide an opinion on the allocation of the actuarial results calculated by TRA’s actuary under GASB Statement 67. We are providing each employer with their calculated share of the actuarial valuation results. Each TRA employer unit will be required to include and disclose their portion of TRA’s Net Pension Liability (NPL), as well as other financial statement amounts, Required Supplementary Information (RSI), as well as other footnote disclosures.

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:

• 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.
• 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 Minnesota Statutes 354.05, subd 35. The employer unit should only remit employer contributions on eligible items of compensation.