GASB 74 and 75

GASB Statement No. 74 and GASB Statement No. 75 impact financial statement reporting for participating employers of the state employee insurance programs. GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, was effective for fiscal periods beginning after June 15, 2016. PEBA implemented the changes required by this standard in the South Carolina Insurance Benefits’ financial statements issued for the fiscal year ending June 30, 2017. GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, was effective for fiscal periods beginning after June 15, 2018. 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.

Financial reporting and audit resources

PEBA provides resources for participating employers to use in preparing their GAAP-based financial statements in compliance with GASB 75. Contact us with questions about these resources.

Resources for June 30, 2021, financial statement report

Resources for June 30, 2020, financial statement report

Resources for June 30, 2019, financial statement report

Resources for June 30, 2018, financial statement report