Governmental Accounting Standards Board (GASB)
Charters and Public School Academies
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The Michigan Public School Employees' Retirement System (MPSERS) has a cost-sharing, multiple-employer defined benefit pension plan. It must follow the reporting requirements in GASB Statements No. 68 and 75.
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). MPSERS includes financial disclosures in its audited Annual Comprehensive Financial Report (ACFR), which is published each year.
Any reporting unit that reported to ORS during the measurement period of Oct. 1, 2024, through Sept. 30, 2025, must also follow GASB 68 and GASB 75 in its financial statements for the fiscal year ending June 30, 2026.
By early August, this website will provide most of the information MPSERS reporting units need to comply with GASB 68 and 75.
In 2012, the GASB issued Statement No. 68. This statement changed how public pension plans, like MPSERS, report pension information.
GASB 68 took effect for fiscal years beginning after June 15, 2014.
In 2015, the GASB issued Statement No. 75. This statement changed how public pension plans, like MPSERS, report information about other postemployment benefits (OPEB) that aren't pensions.
GASB 75 took effect for fiscal years beginning after June 15, 2017.