Employers that use Governmental Accounting Standards Board (GASB) standards for financial reporting will record their share of other post-employment benefit (OPEB) costs and obligations in their financial statements. GASB 75 provides the information needed for their statements. The KPERS Disability Plan is an OPEB.
Who Needs the GASB 75 Report?
If you are unsure about what to do with the KPERS GASB 75 FY2020 report, talk to your accountant or auditor.
Employers that use GASBstandards. > Yes. Required.
Employers that prepare Cash Basis reports. > Encouraged to disclose Total OPEB costs and liabilities in their footnotes, but not required. Gives clearer picture of financial status and outlook.
Employers using KMAAG. > Please contact KMAAG.
Where to Go for Help
KPERS has a GASB resource page online. There are workshop videos and slides from the GASB 75 workshop held in July 2018. You can also review and download sample footnote disclosures from the KPERS website. The
original GASB Statement 75 can be downloaded from www.gasb.org.
Where to Go for Help?
You’ll be receiving two emails from Milliman, Inc., with the subject lines “KPERS GASB 75” and then “Requested Information.” Milliman is our actuary for the KPERS Disability Plan. Milliman is preparing an individual GASB 75 valuation report for each employer. Included in the first Milliman email will be a link to their website and login instructions.
