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.

Get Audit-Ready With Statement No. 68 and Validation of Census Reports

VRS-participating employers must present documentation to their auditors that supports their accounting practices for employee retirement contributions. To help you, VRS provides:

GASB Statement No. 68: Prepared by the VRS plan actuary, this report details an employer's comprehensive financial transactions with VRS. It does not include employee-specific data.

• Political subdivision employers can send an email request for the report to VRS CFO Leslie Weldon at lweldon@varetire.org. Be sure to include your agency name and five-digit employer code. VRS typically can provide the report by the next business day.
• State employers and school divisions can access GASB Statement No. 68 from the Financial Reporting section of the employer website.

GASB Report – Validation of Census Data: This report includes employee-specific information about salary changes, separation, enrollments and other employment data related to VRS benefits. It is only available through myVRS Navigator Report Repository and accessible by certain roles.

The Validation of Census Data report can include up to 12 months of data. VRS recommends that employers set up a year-end process to request this report annually so that it will be ready for auditors in advance of their deadline. The report runs overnight in myVRS Navigator and is available to the employer the next day.