GASB Statement No. 67 and GASB Statement No. 68 do not affect retirement plan members or funding requirements for the plans. Instead, the accounting rules impact financial statement reporting for the South Carolina Retirement Systems and employers participating in the retirement plans.

GASB Statement No. 67, Financial Reporting for Pension Plans, was effective for fiscal periods beginning after June 15, 2013. PEBA implemented the changes required by this standard in the South Carolina Retirement Systems’ financial statements issued for the fiscal year ending June 30, 2014.

GASB Statement No. 68, Accounting and Financial Reporting for Pensions, was effective for fiscal periods beginning after June 15, 2014. This statement revises and establishes new financial reporting requirements for participating employers who issue financial statements based on generally accepted accounting principles (GAAP). If you are unsure about whether this will be applicable to you, please contact your auditor for additional guidance. GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date, was issued in November 2013, to provide clarification regarding deferred inflows and outflows under GASB 68 in the year of implementation.

Financial reporting and audit resources

PEBA provides resources for participating employers to use in preparing their GAAP-based financial statements in compliance with GASB 68, 71 and 82. Contact us with questions about these resources.

Resources for June 30, 2024, measurement date

Commonly used for June 30, 2025, financial statements.

• June 30, 2024, Accounting Valuation Report  

Resources for June 30, 2023, measurement date

Commonly used for June 30, 2024, financial statements.

• June 30, 2023, Audit Report  
• June 30, 2023, Accounting Valuation Report  
• Pension Disclosure June 30, 2023, Measurement date  
• June 30, 2023, NPL roll forward template
• June 30, 2023, Contribution reconciliation template

Resources for June 30, 2022, measurement date

Commonly used for June 30, 2023, financial statements.

• June 30, 2022, Audit Report  
• June 30, 2022, Accounting Valuation Report  
• Pension Disclosure June 30, 2022, Measurement date  
• June 30, 2022, NPL roll forward template
• June 30, 2022, Contribution reconciliation template

Resources for June 30, 2021, measurement date

Commonly used for June 30, 2022, financial statements.

• June 30, 2021, Audit Report  
• June 30, 2021, Accounting Valuation Report  
• Pension Disclosure June 30, 2021, Measurement date  
• June 30, 2021, NPL roll forward template
• June 30, 2021, Contribution reconciliation template

Resources for June 30, 2020, measurement date

Commonly used for June 30, 2021, financial statements.

• June 30, 2020, Audit Report  
• June 30, 2020, Accounting Valuation Report  
• Pension Disclosure June 30, 2020, Measurement date  
• June 30, 2020, NPL roll forward template
• June 30, 2020, Contribution reconciliation template

Resources for June 30, 2019, measurement date

Commonly used for June 30, 2020, financial statements.

• June 30, 2019, Audit Report  
• June 30, 2019, Accounting Valuation Report  
• Pension Disclosure June 30, 2019, Measurement date  
• June 30, 2019, NPL roll forward template
• June 30, 2019, Contribution reconciliation template

Resources for June 30, 2018, measurement date

Commonly used for June 30, 2019, financial statements.

• June 30, 2018, Audit Report  
• June 30, 2018, Accounting Valuation Report  
• Pension Disclosure June 30, 2018, Measurement date  
• June 30, 2018, NPL roll forward template
• June 30, 2018, Contribution reconciliation template
• Memo regarding June 30, 2018, reports  

Resources for June 30, 2017, measurement date

Commonly used for June 30, 2018, financial statements.

• June 30, 2017, Audit Report  
• June 30, 2017, Accounting Valuation Report  
• Pension Disclosure June 30, 2017, Measurement date  
• June 30, 2017, NPL roll forward template
• June 30, 2017, NPL roll forward example  
• June 30, 2017, Contribution reconciliation template

Resources for June 30, 2016, measurement date

Commonly used for June 30, 2017, financial statements.

• June 30, 2016, Audit Report  
• June 30, 2016, Accounting Valuation Report  
• Pension Disclosure June 30, 2016, Measurement date  
• June 30, 2016, NPL roll forward template
• June 30, 2016, NPL roll forward example  
• June 30, 2016, Contribution reconciliation template
• Change in NPL 2015 to 2016  

Resources for June 30, 2015, measurement date

Commonly used for June 30, 2016, financial statements.

• June 30, 2015, Audit Report  
• June 30, 2015, Accounting Valuation Report  
• Pension Disclosure June 30, 2015, Measurement date  
• June 30, 2015, NPL roll forward template
• June 30, 2015, NPL roll forward example  
• June 30, 2015, Contribution reconciliation template
• GASB 68 pension reporting update  
• Change in NPL 2014 to 2015  

Resources for June 30, 2014, measurement date

Commonly used for June 30, 2015, financial statements.

• June 30, 2014, Audit Report  
• June 30, 2014, Accounting Valuation Report  
• Pension Disclosure June 30, 2014, Measurement date  
• June 30, 2014, NPL roll forward template  
• June 30, 2014, Contribution reconciliation template