Employer Update

VRS is preparing the information necessary for VRS-participating employers to comply with the provisions of Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75 as part of your financial reporting for the fiscal year that ended June 30. 

Look to the Financial Reporting section of the VRS employer website in the coming weeks for resources to assist with the preparation of your annual financial statements, including: 

• Audit reports for state, teacher and political subdivision retirement plans as well as for other post-employment benefit (OPEB) plans.
• Sample journal entries.
• Sample note disclosures.
• Analysis of net pension liability.