| Subject |
Reporting of KPERS |
| Authoritative Literature |
GASB Statement 34 Paragraphs 13, 64,70,106-111 |
| General Description |
Pension (and other employee benefit) trust funds should be used to report
resources that are required to be held in trust for the members and beneficiaries
of defined benefit pension plans, defined contribution plans, other postemployment
benefit plans, or other employee benefit plans. Pension trust funds are
reported at the fund financial statement level and are excluded from the
Government-wide financial statements. Paragraph 64 & 70
Also see Statement of Fiduciary Net Assets. |
| Current Reporting by STARS |
Cash basis KPERS maintains their own books and annually prepares a CAFR
in accordance with GAAP which is audited by an external CPA firm. |
Conversion Issues
(Data Needed, Journal Entries Required) |
Prepare adjustments to include KPERS pension trust fund in the fund
financial statements. |
| Footnote Disclosure Required |
GASB 34 paragraph 106 requires the notes to the financial statements
to provide the reader with information on how to obtain a copy of the
KPERS CAFR. The provisions of GASB 34 do not change disclosures at the
fund financial statement level. |
| Methodology of Gathering Data (including name of State agency and detail
description of data) |
Previously KPERS was reported on a cash basis utilizing STARS numbers.
The KPERS information from STARS that relates to the retirement system
will be excluded and we will use the information from their CAFR. We should
not exclude funds that KPERS are investing for others as this information
is not in their CAFR.
|
| Material State Agencies Affected |
KPERS. |
| Policies |
No changes required. |
| Contacts |
Suzie Yeh, Division of Accounts and Reports |
