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GASB Rules for Pension Reporting in North Carolina

The Governmental Accounting Standards Board (GASB) has approved several statements that will change the way pension plans record, report and disclose its pension information. All financial disclosures made by the North Carolina Department of State Treasurer are contained in the audited State’s Comprehensive Annual Financial Report (CAFR), which is as of June 30, and is published by the end of the calendar year. 

Statement No. 67, Financial Reporting for Pension Plans, affects the financial statements in State’s CAFR. Statement No. 68, Accounting and Financial Reporting for Pensions, affects the financial statements of most North Carolina Retirement System-affiliated employers. Most of the NC Retirement Systems are cost-sharing multi-employer defined benefit pension plans and serve as the retirement plan for more than 1,100 public employers in North Carolina.

The Retirement Systems Division administers four major retirement systems and additional smaller systems and pension funds:

  • Teachers' and State Employees' Retirement System (TSERS)
  • Local Governmental Employees' Retirement System (LGERS)
  • Consolidated Judicial Retirement System (CJRS)
  • Legislative Retirement System (LRS)
  • Firefighters' and Rescue Squad Workers' Pension Fund
  • National Guard Pension Plan
  • Legislative Retirement Fund
  • Registers of Deeds' Supplemental Pension Fund
The new GASB Statements are a change from the way financial disclosures have been made in the past.  The Department of State Treasurer will guide affiliated employers in the development of the required information for employer reporting.

Statement No. 67 replaces the requirements of the existing Statement No.25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and becomes effective at the end of the 2013-2014 fiscal year. The Department of State Treasurer will include these new requirements in 2014 State’s CAFR, effective as of June 30, 2014 and released for the end of the calendar year.

Statement No. 68 replaces the requirements of Statement No. 27, Accounting for Pensions by State and Local Governmental Employers. This reporting requirement applies to North Carolina-affiliated employers and becomes effective for the 2014-2015 fiscal year.  The reporting for Statement 68 will begin with fiscal years ending June 30, 2015.​

Unit Specific Tools for Pension Reporting - Financial data specific to the plan and each local government unit, including JE Templates.

  
Audit Manual
Single Audit
Audit Fees
Firms Providing Accounting Services
Audit Opinions and Reports
Pension Standards - GASB 67 and GASB 68
Pension Standard - GASB 73