DRS Email 15-008, Participating Employer Financial Information

  • Notice No.: 15-008
  • Date: June 02, 2015
  • Applies to: All Employers
  • Subject: Participating Employer Financial Information

This notice is to advise you that the Department of Retirement Systems (DRS) has published audited schedules to assist employers with implementation of GASB statement No.68.

GASB Statement 68 will change the financial reporting of participating state and local governments that prepare GAAP compliant financial statements beginning in fiscal years commencing after June 15, 2014 (that is, fiscal years ending June 30, 2015, or later). Included in Statement No. 68 are requirements for state and local government employers to recognize their proportionate share of an unfunded pension obligation (also called the “net pension liability”) as a balance sheet liability in their government-wide basic financial statements. In addition, employers will be required to recognize certain pension expenses immediately rather than extending them over a period of time.

DRS has prepared a schedule of employer allocations and a schedule of collective pension amounts for each cost-sharing multiple-employer retirement plan DRS administers. This audited information and additional FAQ can be accessed from the DRS website.

DRS developed a report to help employers confirm the employer contribution amounts that DRS processed for each of the retirement plans in which they participate. To assist you in accessing and running this report, DRS has prepared a contribution reconciliation guide. For reference, this guide can be found in the Forms and Publications area of the Employers section under Resources>eServices.

If you have any questions or need assistance in accessing these reports, please email employersupport@drs.wa.govor call Employer Support Services at 360-664-7200 option 2, or 800-547-6657, option 6, option 2.