Governmental Accounting Standards Board (GASB) Statements No. 68 and 75

  • MPSERS is a cost-sharing multiple-employer defined benefit pension plan. As such, it is required to follow the guidelines for such plans as explained in GASB Statements No. 68 and 75. Both GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, affect the financial statements of MPSERS reporting units (employers). All financial disclosures made by MPSERS are contained in its audited Comprehensive Annual Financial Report (CAFR) that is published annually.

    Any reporting unit that was required to report to ORS during the measurement period (October 1, 2017 – September 30, 2018) is also required to comply with GASB 68 and GASB 75 in its financial statements for its fiscal year ending June 30, 2019. This website will provide most of the information needed for MPSERS reporting units to comply with GASB 68 and 75 in mid-July.

In 2012 the Governmental Accounting Standards Board (GASB) published Statement No. 68, which changes the way a public pension plan like Michigan Public School Employees Retirement System (MPSERS) discloses its pension information. GASB 68 went into effect for fiscal years beginning after June 15, 2014.
In 2015 the Governmental Accounting Standards Board (GASB) published Statement No. 75, which changes the way a public pension plan like Michigan Public School Employees Retirement System (MPSERS) discloses its information regarding other postemeployment benefits (OPEB) other than pensions. GASB 75 went into effect for fiscal years beginning after June 15, 2017.