GASB PENSION STATEMENTS COLORADO PERA KARL GREVE CHIEF

GASB PENSION STATEMENTS COLORADO PERA KARL GREVE, CHIEF FINANCIAL OFFICER

Census Data Audits » AICPA – Annual Census Data Audits • Test completeness and accuracy of census data • • • provided by employers Plan auditor (KPMG) selects sample of employers based on criteria detailed in AICPA white paper Employer auditors will complete testing and provide attestation report PERA is working with State Auditor and KPMG to finalize the process

Colorado PERA Deliverables (Subject to Change) » Schedule of Beginning NPL Balance as of December » » 31, 2013 Schedule of Pension Amounts as of December 31, 2014 Schedule of Employer Allocations for year ended December 31, 2013, and December 31, 2014 Contribution reconciliation for year ended December 31, 2013, and December 31, 2014 Draft note disclosure

AICPA – Example Schedule of Pension Amounts

Employer Level Adjustments to Plan Level Information » NPL – No adjustments » Deferred pension inflows & deferred pension outflows • Deferred inflows and outflows due to change in » allocation percentage (employer’s proportion) • Deferred inflows and outflows due to difference between actual contributions and annualized contributions calculated on the schedule of employer allocations • Deferred outflows for contributions made to PERA after the measurement period Pension expense – Adjusted for amortization of employer level deferrals

AICPA – Example Schedule of Employer Allocations

Employer’s Proportion and Proportionate Shares (continued) » PERA Approach: Employer’s Proportion is based on the current year employer’s contributions as a percentage of the division’s current year total contributions • Schedule based on accrued contributions at PERA’s measurement date (December 31 st) • Contributions will be annualized, if they represent less than one year • Additional reconciliation reporting will be provided to each reporting agency

Contribution Reconciliation By Reporting Agency » Purpose of contribution reconciliation report • Allows employer and auditor to verify • contributions used in Schedule of Employer Allocations Contributions submitted to PERA adjusted for: » Health Care Fund allocations » Employer contribution refunds » Colorado DC Plan transfers – State Division » Contributions annualized, if necessary

GASB 68 and Contributions » GASB 68 has no effect on the amount you pay into » Colorado PERA Contribution rates are set by the Colorado Legislature

Colorado PERA Website - GASB Reporting Standards

PERA GASB Pension Resources » Education for finance staff and auditors • Overview video • Details series of videos – currently available » Video 1 – A New GASB Approach » Video 2 – Types of Pension Plans » Video 3 – Calculating the Collective Net Pension Liability

PERA GASB Pension Resources (continued) » Education for finance staff and auditors • Details series of videos – currently available » Video 4 – Measurement Date vs. » » » Reporting Date Video 5 – Determination of Discount Rate Video 6 – Collective Deferrals Video 7 – Collective Pension Expense

PERA GASB Pension Resources (continued) » Education for finance staff and auditors • Details series of videos – Future Videos » Employer Level Deferrals and Pension » » Expense Employer’s Proportionate Share RSI and notes to RSI Notes Implementation and Data Delivery

PERA GASB Pension Resources (continued) » Education for Governing Bodies • Fact Sheet – Currently Available • https: //www. copera. org/pdf/Misc/GASBFactshee t. pdf Video – In Process » FAQ » Links to Standards, AICPA White Paper, Other

Get Engaged – Stay Involved » PERA – GASB Reporting Standards Web address • https: //www. copera. org/pera/employer/gasb. htm » PERA – GASB Reporting Standards e-mail • GASBMail@copera. org