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Employer News Archive

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS

The 2019 GASB 68 information is as of and for the year ended June 30, 2018 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2018 or June 30, 2019, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information: 

AUDITED

  • Schedule of Employer Allocations
  • Schedule of Pension Amounts by Employer
  • Notes to Schedule of Employer Allocations and Schedule of Pension Amounts by Employer

    SUPPLEMENTAL (UNAUDITED)
    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

      Additional GASB 68 Resources can be found on the PSERS website under Employer GASB 68 Information

      If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov

 

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 75 (GASB 75) INFORMATION PROVIDED TO EMPLOYERS

The 2019 GASB 75 information is as of and for the year ended June 30, 2018 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2018 or June 30, 2019, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 75 (GASB 75).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information

AUDITED

    • Schedule of Employer Allocations
    • Schedule of OPEB Amounts by Employer
    • Notes to Schedule of Employer Allocations and Schedule of OPEB Amounts by Employer

      SUPPLEMENTAL (UNAUDITED)
    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

      Additional GASB 75 Resources can be found on the PSERS website under Employer GASB 75 Information

      If you did not receive the information or have any questions regarding the GASB 75 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov

   

PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2020 Health Options Program.  A nonbinding letter of intent to apply is due April 12, 2019. The fully completed application is due May 10, 2019. Proposed rates for 2020 are due June 7, 2019. There are five Parts to the Invitation for Application, plus one attached Form. Instructions are included in the various documents. Please click on each link to download the document:

Part I  – General Information
Part II – Contractor Requirements and Vendor Qualification
Part III – Application
Part IV – Contract Document
Part V – Commonwealth Standard Contract Terms
Form A – Trade Secret Confidential Proprietary Information Notice Form

 

Act 5 Employer & Vendor Email Blast

Click here to view

 

2018 Premium Assistance Verification

The Premium Assistance Verification will commence this week as reports were mailed to Business Managers of Commonwealth School Employers.  These listings represent monthly Premium Assistance payments made to retirees as a reimbursement of premiums they have paid toward the cost of their own basic medical coverage under your plan.  The Internal Revenue Service requires PSERS to verify that premiums were actually paid by retirees receiving this reimbursement.  PSERS is requesting that employers verify premiums paid during the 2018 calendar year.  In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2019.  Calls regarding the 2018 Premium Assistance verification should be directed to the Premium Assistance Unit at 1-866-483-5509.

Your assistance in verifying these payments is greatly appreciated.

 
December 07, 2018

Employer Contribution Rate For FY 2019-20

The employer contribution rate for fiscal year 2019-2020 will be 34.29%. The rate applies to salary and wages earned from July 1, 2019 through June 30, 2020.  

The rate was determined by PSERS' actuary and certified by the PSERS Board of Trustees at its meeting on December 7, 2018. The certified employer contribution rate for fiscal year 2019-2020 is less than the previously projected 34.79 percent due in part to positive FY 2018 economic and demographic experience, including active membership growth and investment outperformance.  

The employer contribution rate for fiscal year 2019-2020 consists of 33.36% for pension costs, 0.84% for premium assistance payments, and 0.09% for defined contribution costs. Of the 33.36% pension portion of the employer contribution rate, 25.87% represents payment toward the unfunded liability.

This certification of the employer contribution rate marks the fourth consecutive year the employer rate provides 100% of the actuarially required rate which is necessary to pay down existing pension debt.  In the past, various pieces of pension legislation suppressed the employer contributions paid to PSERS by school employers and the Commonwealth. FY 2017 was the first time in fifteen years that the actuarially required rate was paid.

A link to the FY 2019/2020 Employer Contribution Rate Fact Sheet can be found here: Pension Rate Fact Sheet

 

 

 

August 1, 2018

Attention Business Managers:

Please be advised that the monthly Employer Statements of Account that were generated on August 1, 2018 are incorrect.  Our vendor continues to work on correcting the statements.  We apologize for the inconvenience and thank you for your patience.

Please log into the ESS portal to view the current transactions and current balances due in your account.  This information is available at any time.

Sincerely,

Public School Employees' Retirement System

 

July 09, 2018

Attention Business Managers:

The June Employer SOA Report is now available.  The statements created show your account balances and outstanding payments as of 6/30/2018 for your year-end reconciliation.  Our vendor continues to work on correcting the system generated statements.

We appreciate your patience.  If you have questions, please contact the Employer Accounting section at RA-PSERSEMPACCT@pa.gov.

Sincerely,

Public School Employees' Retirement System


Attention Business Managers 

Due to vendor issues related to our recent system upgrade, the June Employer SOA Report will be delayed.  The June 2018 Employer SOA Report is expected to be generated and made available the week of July 9, 2018.

We appreciate your patience.  If you have questions, please contact the Employer Accounting section at
RA-PSERSEMPACCT@pa.gov

Sincerely,

Public School Employees’ Retirement System

 

June 19, 2018

Employer Workshop Presentation:

PSERS conducted our annual Spring Employer Workshops through June 2018. It was a pleasure to meet those who were able to attend. Traveling around the state to do workshops is always a great way for the Employer Service Center (ESC) representatives to interact face to face with you. We thank you for your support and interest, and appreciate the questions and feedback that was provided by you via the survey at the end of each workshop.

 

If you missed this year's workshop, or you would like to revisit a particular topic again, here are the PDFs of the presentations and handouts:


June 14, 2018

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS

The 2018 GASB 68 information is as of and for the year ended June 30, 2017 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2017 or June 30, 2018, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information: 

AUDITED

  • Schedule of Employer Allocations
  • Schedule of Pension Amounts by Employer
  • Notes to Schedule of Employer Allocations and Schedule of Pension Amounts by Employer

SUPPLEMENTAL (UNAUDITED)

    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

Additional GASB 68 Resources can be found on the PSERS website under Employer GASB 68 Information

If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov


June 14, 2018

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 75 (GASB 75) INFORMATION PROVIDED TO EMPLOYERS

The 2018 GASB 75 information is as of and for the year ended June 30, 2017 (measurement date) and is for use in employer's financial statements for the year ended December 31, 2017 or June 30, 2018, whichever is applicable.

PSERS has provided, through the Pension Administration System, (located on the ESS home page, under web links) information necessary to comply with Governmental Accounting Standards Board Statement No. 75 (GASB 75).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The web links contain explanations of what was provided and what the employers' responsibilities are.

The web links contain the following audited and supplemental information

AUDITED

    • Schedule of Employer Allocations
    • Schedule of OPEB Amounts by Employer
    • Notes to Schedule of Employer Allocations and Schedule of OPEB Amounts by Employer

SUPPLEMENTAL (UNAUDITED)

    • Sample Note Disclosures
    • Reconciliation of Reported Covered Payroll
    • Schedule of Amortization of Employers' Deferred Outflows/Inflows
    • Schedule of Employers' Changes in Proportion
    • Schedule of Separately Finance Specific Liabilities

Additional GASB 75 Resources can be found on the PSERS website under Employer GASB 75 Information

If you did not receive the information or have any questions regarding the GASB 75 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov


 
May 7, 2018

Attention Business Managers 

 

Please be advised that the monthly Employer Statements of Account that were generated on May 1, 2018 still have errors and our vendor is working on correcting these errors.  We apologize for the inconvenience and thank you for your patience.

Please log into the ESS portal to view the current transactions and current balances due in your account.  This information is available at any time.

Sincerely,

Public School Employees’ Retirement System
 

April 20, 2018

PSERS will be sending employers the necessary information to comply with Governmental Accounting Standards Board (GASB) 68 and (GASB) 75.

 

 For  GASB 68 and GASB 75, PSERS will be providing employers with audited materials including: a Schedule of Employer Allocations, Schedule of Pension/OPEB Amounts by Employer, Notes to Schedule of Employer Allocations, and a Schedule of Pension/OPEB Amounts by Employer. 

 

PSERS anticipates providing Governmental Accounting Standards Board (GASB) 68 and (GASB) 75 materials to employers in June 2018.


 

 
April 20, 2018

PSERS PASBO Conference

Update from PSERS: Modifications to Return to Service Process

 
Please contact your ESC representative if you have any questions.

 
 

 
March 30, 2018

Attention Business Managers:

The monthly Employer Statements of Account that were generated on 4/1/2018 have an incorrect beginning balance, which is causing the ending balance to be incorrect.

This problem has been reported to our vendor.  The March statement will not be reissued, please log into the ESS portal to view the current transactions and the current balance due in your account. 

Please report any other statement errors discovered, not related to the known balance error, to RA-PSERSEMPACCT@pa.gov.

Thank you for your patience during this transitional time. 


Sincerely,


Public School Employees’ Retirement System


 

 
March 30, 2018

PSERS HOP Invitation for Application – IFA 2018-01

PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2018 Health Options Program.  A nonbinding letter of intent to apply is due April 13, 2018. The fully completed application is due May 11, 2018. Proposed rates for 2019 are due June 6, 2018. There is an informational letter explaining changes to the Invitation for Application this year, five Parts to the IFA, and one attached Form. Instructions are included in the various documents. Please click on each link to download the document:

Informational Letter
Part I  – General Information
Part II – Contractor Requirements and Vendor Qualification
Part III – Application
Part IV – Contract Document
Part V – Commonwealth Standard Contract Terms
Form A – Trade Secret Confidential Proprietary Information Notice Form


 

 
March 19, 2018

PSERS Employer 2018 Spring workshops

The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop.
Workshop attendance is recommended for anyone responsible for reporting information to PSERS including business managers, payroll staff and human resources staff. This year’s Spring Workshop will provide more details about the features of the Employer Self-Service (ESS) system, an introduction to the Member Self-Service (MSS) system, and an overview of the Act 5 legislation that will go into effect July 1, 2019. As always, ESC enjoys getting out of the office to meet with you directly and hearing the questions you have. We hope that you are able to attend one of the sessions listed below. Please RSVP to let us know which session you have chosen!
The list of locations, dates, and times PSERS will be in your area are listed on our website (www.psers.pa.gov) under the Employer News page.  Please respond to this email as to whether or not a representative(s) will be attending a workshop by April 9, 2018. This will help to ensure we have the appropriate room arrangements and number of handouts. 
 


 
March 19, 2018
 

ESS Training Slides and FAQ's are now available

 

ESS Training Slides
ESS FAQ's

 

ESS Training Videos

IE Compatability View Settings
Admin Security Questions

 

January 8, 2018
 

2017 Premium Assistance Verification

 

The Premium Assistance Verification will commence this week as reports are being mailed to the Business Managers of Commonwealth School Employers.  These listings represent monthly Premium Assistance payments made to retirees as a reimbursement of premiums paid toward the cost your health insurance plan for their personal coverage.  The Internal Revenue Service requires PSERS to verify that premiums were actually paid by retirees receiving this reimbursement.  PSERS is requesting that employers verify premiums paid during the 2017 calendar year.  In order to ensure there is no interruption in Premium Assistance to your plan participants, please complete and return the report to PSERS by March 31, 2018.  Calls regarding the 2017 Premium Assistance verification should be directed to the Premium Assistance Unit at 1-866-483-5509.

 

Your assistance in verifying these payments is greatly appreciated.

 
December 8, 2017
 

Contribution Rate Announcements 

Employer Contribution Rate for Fiscal Year 2018-2019 

 
The employer contribution rate for fiscal year 2018-2019 will be 33.43%. The rate applies to salary and wages earned from July 1, 2018 through June 30, 2019.  
 
The rate was determined by PSERS’ actuary, and certified by the PSERS Board of Trustees at its meeting on December 8, 2017. The certified employer contribution rate for fiscal year 2018-2019 is less than the previously projected 34.18 percent due in part to positive FY 2017 economic and demographic experience, including investment outperformance.  
 
The employer contribution rate for fiscal year 2018-2019 consists of 32.60% for pension costs and 0.83% for premium assistance payments. Of the 32.60% portion of the employer contribution rate, 25.01% represents payment toward the unfunded liability.
 
Shared Risk Performance  
 
At its meeting on December 8, 2017, the PSERS Board of Trustees certified and retained the current T-E member contribution rate of 7.50% and T-F member contribution rate of 10.30% for the next three-year period from July 1, 2018 to June 30, 2021.  New members hired after July 1, 2011 share some of PSERS’ investment risk. Their contribution rates fluctuate every three years based on the Fund’s investment performance. The next measurement period for the “shared risk” provisions ends June 30, 2020.
 
 
 
July 6, 2017
 
GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS  

The 2017 GASB 68 information is as of and for the year ended June 30, 2016 (measurement date) and is for use in employer’s financial statements for the year ended December 31, 2016 or June 30, 2017, whichever is applicable.

 PSERS has provided, through an email blast, to its employer contacts and business managers information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The email contained explanations of what was provided and what the employers’ responsibilities are.  Additionally there were three attachments. 

 The attachments included in the email contained the following audited and supplemental information: 

AUDITED
Schedule of Employer Allocations
Schedule of Pension Amounts by Employer
Schedule of Amortization of Employers’ Deferred Outflows/Inflows
Notes to Schedule of Employer Allocations, Schedule of Pension Amounts by Employer, and Schedule of Amortization of Employers’ Deferred Outflows/Inflows

 
SUPPLEMENTAL (UNAUDITED)
 
Sample Note Disclosures
Reconciliation of Reported Covered Payroll
Schedule of Employers’ Changes in Proportion
 
Schedule of Separately Finance Specific Liabilities
 

Additional GASB 68 Resources can be found on the PSERS Employer GASB 68 Information

If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov.

 
 July 3, 2017 
 

Employer Workshop Presentation:

PSERS conducted our annual Spring Employer Workshops through June 2017. It was a pleasure to meet those who were able to attend. Traveling around the state to do workshops is always a great way for the Employer Service Center (ESC) representatives to interact face to face with you. There were a total of 714 attendees who represented 431 different employers this year. We thank you for your support and interest, and appreciate the questions and feedback that was provided by you via the survey at the end of each workshop.

If you missed this year’s workshop, or you would like to revisit a particular topic again, we have provided the link to the workshop presentation entitled “Back to Basics: A Review of Fundamental Concepts and Tips for Making your Job Easier”.   

  

April 10, 2017
 

Return to Service, SHORT-TERM SUBSTITUTE TEMPLATE LETTER 

Below is a link to the newly released Short-term Substitute Template Letter referenced under “Process A” of the recently revised Return to Service Guidelines.
 
Again, please contact your ESC regional representative with any questions regarding the Return to Service process.
 
 

March 31, 2017 

PSERS HOP Invitation for Application – IFA 2017-01 

 

PSERS has posted the Invitation for Application documents for managed care organizations to apply to provide Medicare Advantage and pre-65 managed care plans for the 2017 Health Options Program.  A nonbinding letter of intent to apply is due April 14, 2017. The fully completed application is due May 12, 2017. Proposed rates for 2018 are due June 8, 2017. There are five Parts to the Invitation for Application, plus one attached Form. Instructions are included in the various documents. Please click on each link to download the document: 

Part I  – General Information
Part II – Contractor Requirements and Vendor Qualification

Part III – Application

Part IV – Contract Document

Part V – Commonwealth Standard Contract Terms

Form A – Trade Secret Confidential Proprietary Information Notice Form 

 

Return to Service Presentation, PASBO Conference in Pittsburgh (March 23-24)

PSERS presented a comprehensive review of newly revised Return to Service guidelines and the associated process at the recently held PASBO conference.  Copies of the presentation and materials are linked below. Contact your ESC regional representative with any questions.  Additional information will be provided to all PSERS reporting units in the near future regarding this topic. 

March 13, 2017
 

2017 Workshop Schedule

 
The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop.
The workshops will take place from April 24th through June 5th, and are expected to take between 1 1/2 to 2 hours.
 
The workshop is recommended for business managers, payroll staff, human resources staff, and anyone else responsible for reporting information to PSERS. This year’s workshop is entitled “Back to Basics” and provides a refresher on everything from qualification rules and membership classes/rates to part-time member reporting. Other focus areas include the TF Election process, waivers, coaches, return to service, and the importance of correct contract records to support data reported. The topic was selected based on your questions to your ESC representative and the questions PSERS must pose to you when reviewing member accounts.
This workshop is designed to provide helpful tips to aid you in reporting and review areas that are questioned often during the year.  Whether you have an in depth knowledge of PSERS rules or not, we invite you to attend and pick up some useful information. We encourage you to bring your questions and are looking forward to seeing as many of you as possible. This is a great opportunity for us to meet with you and we enjoy the personal interaction.
Please send your RSVP to your ESC Rep so we can be prepared with the correct number of materials for each workshop. If you weren’t planning on attending, but your schedule changes so that it would permit you to attend, please join us. Below is a list of workshop locations, dates and times.
 
 
Region Workshop Location Date Time Address City Zip Code
3 Westmoreland IU 7 Monday, April 24, 2017 10:00 AM 102 Equity Dr Greensburg 15601
3 ARIN IU 28 Tuesday, April 25, 2017 10:00 AM 2895 W Pike Rd Indiana 15701
3 Intermediate Unit 1 Wednesday, April 26, 2017 10:00 AM 1 Intermediate Unit Dr Coal Center 15423
3 Allegheny IU 3 (SESSION 1) Thursday, April 27, 2017 10:00 AM 475 E Waterfront Dr Munhall 15120
3 Allegheny IU 3 (SESSION 2) Thursday, April 27, 2017   1:15 PM 475 E Waterfront Dr Munhall 15120
1 Central IU 10 Monday, May 01, 2017 10:00 AM 345 Link Rd West Decatur 16878
5 Bucks County IU 22 Monday, May 01, 2017 10:00 AM 705 N Shady Retreat Rd Doylestown 18901
1 Seneca Highlands IU 9 Tuesday, May 02, 2017 10:00 AM 119 Mechanic St Smethport 16749
1 Riverview IU 6 Wednesday, May 03, 2017 10:00 AM 270 Mayfield Rd Clarion 16214
1 Northwest Tri-County IU 5 Thursday, May 04, 2017   9:00 AM 252 Waterford St Edinboro 16412
1 Midwestern IU 4 Friday, May 05, 2017 10:00 AM 453 Maple St Grove City 16127
2 Central Susquehanna IU 16 Monday, May 08, 2017   9:30 AM 90 Lawton Ln Milton 17847
1 Beaver Valley IU 27 Monday, May 08, 2017 10:00 AM 147 Poplar Dr Monaca 15061
4 Tuscarora IU 11 Tuesday, May 09, 2017   9:30 AM 2527 US Hwy 522 S McVeytown               17051
4 Appalachia IU 8  Executive Office Wednesday, May 10, 2017   9:30 AM 4500 6th Ave Altoona  16602
6 Delaware County IU 25 Thursday, May 11, 2017   1:30 PM 200 Yale Ave Morton 19070
5 Montgomery County IU 23 Thursday, May 11, 2017 10:00 AM 2 West Lafayette St Norristown 19401
6 Chester County IU 24 Monday, May 15, 2017 10:00 AM 455 Boot Rd  Downingtown 19335
2 Colonial IU 20 Tuesday, May 16, 2017   9:30 AM 6 Danforth Dr Easton 18045
4 Lincoln IU 12 Wednesday, May 17, 2017   9:30 AM  65 Billerbeck St New Oxford 17350
2 Luzerne IU 18 Wednesday, May 17, 2017   9:30 AM  368 Tioga Ave Kingston 18704
2 BLAST IU 17 Thursday, May 18, 2017   9:30 AM  33 Springbrook Dr Canton 17724
4 Capital Area IU 15 Friday, May 19, 2017   9:30 AM  55 Miller St Summerdale 17093
2 Northeastern Educational IU 19 Friday, May 19, 2017   9:30 AM  1200 Line St Archbald 18403
2 Carbon-Lehigh IU 21 Monday, May 22, 2017   9:30 AM  4210 Independence Dr Schnecksville 18078
5 Berks County IU 14 Tuesday, May 23, 2017 10:00 AM 1111 Commons Blvd Reading 19605
5 Schuylkill IU 29 Friday, June 02, 2017 10:00 AM 15 Maple Ave Pottsville 17901
5 Lancaster-Lebanon IU 13 Monday, June 05, 2017 10:00 AM 1020 New Holland Ave Lancaster                    17601
 
 
December 09, 2016 
 

Employer Contribution Rate for Fiscal Year 2017-2018   

 
The employer contribution rate for fiscal year 2017-2018 will be 32.57%.  
 
The rate applies to salary and wages earned from July 1, 2017 through June 30, 2018.  
 
The rate was determined by PSERS actuary, and certified by the PSERS Board of Trustees at its meeting on December 7, 2016. The employer contribution rate may change if pension legislation is enacted prior to June 30, 2017. The employer contribution rate for fiscal year 2017-2018 consists of 31.74% for pension costs and 0.83% for premium assistance payments. Of the 31.74% portion of the employer contribution rate, 24.04% represents payment toward the unfunded liability.

June 10, 2016

 

GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMENT NO. 68 (GASB 68) INFORMATION PROVIDED TO EMPLOYERS

 

The 2016 GASB 68 information is as of and for the year ended June 30, 2015 (measurement date) and is for use in employer’s financial statements for the year ended December 31, 2015 or June 30, 2016, whichever is applicable.

 

PSERS has provided, through an email blast, to its employer contacts and business managers information necessary to comply with Governmental Accounting Standards Board Statement No. 68 (GASB 68).  PSERS has endeavored to provide as much information as possible to its employers as they report in accordance with this GASB Standard.  The email contained explanations of what was provided and what the employers’ responsibilities are.  Additionally there were three attachments. 

 

The attachments included in the email contained the following audited and supplemental information: 

 

AUDITED

 

 

  • Schedule of Employer Allocations
  • Schedule of Pension Amounts by Employer
  • Schedule of Amortization of Employers’ Deferred Outflows/Inflows
  • Notes to Schedule of Employer Allocations, Schedule of Pension Amounts by Employer, and Schedule of Amortization of Employers’ Deferred Outflows/Inflows

 

 

 

 

 

 

SUPPLEMENTAL (UNAUDITED)

 

 

  • Sample Note Disclosures
  • Reconciliation of Reported Covered Payroll
  • Schedule of Employers’ Changes in Proportion
  • Schedule of Separately Finance Specific Liabilities

 

 

 

 

 

 

Additional GASB 68 Resources can be found on the PSERS Employer GASB 68 Information

 

If you did not receive the information or have any questions regarding the GASB 68 information provided, please send an email to the following email address: RA-PSERSEMPACCT@pa.gov.   


 

March 31, 2016

 

EMPLOYER WORKSHOP SCHEDULE

 

The Public School Employees’ Retirement System’s (PSERS) Employer Service Center (ESC) invites you to attend our annual Employer Workshop.  The workshops begin April 22 and run through June 3, 2016.

 

The workshop is recommended for business managers, payroll staff, human resources staff, and anyone else responsible for reporting information to PSERS.  The primary focus of this year’s agenda will be retirement-covered compensation.  The topic was selected based on your questions to your ESC representative and the questions PSERS must pose to you when calculating a purchase of service or retirement benefit.  This workshop will not be educating you on the specific rules related to retirement-covered compensation, but address some of the problem areas.  Our Employer Reference Manual, specifically Chapter 8, defines the specific rules governing retirement-covered compensation.  If you are new to this topic or the position that requires you to report information to PSERS, we recommend that you familiarize yourself with the information in Chapter 8 prior to your attendance at the workshop.  If you have any questions prior to the workshop, please don’t hesitate to contact your ESC representative.

 

This workshop will aid you in the reporting of salary to PSERS based on the Retirement Code.  Unfortunately, time will not permit us to discuss each situation in depth, but hopefully answer the questions and address the problems you are encountering.  Whether you have an in depth knowledge of PSERS rules or not, we invite you to attend and pick up some helpful information.

 

We are looking forward to seeing as many of you there as possible.  If you have not responded to your ESC Rep yet, please do so as soon as possible.  If you weren’t planning to attend, but your schedule changes that would permit you to attend, please come.  We always enjoy the personal interaction.

 

The actual agenda and a list of locations, dates, and times are listed below. 

 

 


 
March 3, 2016

 

 

ATTENTION SCHOOL EMPLOYERS:  PLEASE DISTRIBUTE THIS MESSAGE TO YOUR SUPERINTENDENT, BUSINESS MANAGER, AND ACCOUNTANT IMMEDIATELY.

 

PSERS has been advised by the Commonwealth Office of the Budget that the March 2016 and June 2016 retirement subsidy payments to public school employers are scheduled to be paid in the normal course of business, as the School Employee Retirement line item was fully funded in the enacted Pennsylvania General Fund budget signed December 29, 2015. As such, the payments are scheduled for March 16, 2016 and June 16, 2016 from the Pennsylvania Department of Education. 

 

Public school employers have up to five business days after receipt of the Commonwealth Share (retirement subsidy payment) of the employer contributions to provide the Total Employer Contribution payment to PSERS. The Total Employer Contribution is the Total Employer Share made up of the Commonwealth Share and School Share. Please note, all past due payments may incur a 6% interest charge.

 

For reference, two links to the Governor’s Budget Office can be found below.  The first is the Enacted Budget for 2015-2016; the second is for the line item detail.  In the second link, please note page 4, that line number 175 under Education (continued from page 3) is for $1,725,000,000.  This amount represents the full year’s Retirement Subsidy funding for public school employers.

 

http://www.budget.pa.gov/PublicationsAndReports/CommonwealthBudget/Pages/default.aspx#2015-16Enacted

 

http://www.budget.pa.gov/PublicationsAndReports/CommonwealthBudget/Documents/2015-16%20Enacted%20Budget/Web%20Tracking%20Run%20-%20Enacted%202015-16.pdf

 

Any questions regarding the information PSERS has provided can be sent to RA-PSERSEMPACCT@pa.gov or you may contact your Employer Service Center Representative at 1-866-353-1844.

 

Respectfully,

 

Public School Employees’ Retirement System


 

ATTEMPTED WIRE FRAUD VIA EMAIL REQUESTS

 

We have received reports of fraudsters sending payment requests and requests to update payment instructions from email accounts that appear to be from inside a clients' organization or from a known external partner. The fraudulent "from" email address is typically a slight variation on the legitimate email address, which can trick the recipient into believing the fraudulent communication is legitimate.   Tips: Be vigilant when reviewing and confirming payment requests, especially those requesting changes to beneficiary names, banks, and/or bank accounts. Be suspicious of requests purporting to be from a person of authority, or requests to initiate "emergency" payments, make urgent changes to payment instructions, or bypass your established procedures. Fraudsters will often create a sense of urgency to get you to act quickly or to avoid you questioning the request.  Confirm verbally with the requestor or another trusted party any requests for changes to payment instructions or any usual payment requests. Confirmation should be either in-person or by telephone; do not attempt to confirm the instructions via email.  


 

IMPORTANT MESSAGE

 

Please be aware of some important changes to your Web Cash Concentration Service. On April 14, 2013, PNC has implemented Advanced Login Authentication to the Web Cash Concentration service. The Advanced Login Authentication provides greater protection to your organization from unauthorized online access, and helps you reduce the risk of fraud by confirming user identity when accessing the Web Cash Concentration services using a company and user ID and two additional factor components:

 

 

  • Complex Device Profiling. During login, extensive details about the user’s device and network are gathered and evaluated for consistency with the user’s typical behavior and any indication that any unusual activity may be involved in the login. The result of this evaluation determines the next step in the login process for the user.
  • Step-Up Authentication. Based on the results of the device profiling and the login authentication, Web Cash Concentration may require additional authentication from your users. Out-Of-Band Authentication allows your users to authenticate through the use of a one-time security code outside the online channel through either an automated voice call or a text message.

 

 

 

 

Please note that your users will only be required to be additionally authenticated based on the results of the device profiling. The Step-Up Authentication process start date has been changed to June 6, 2013.

 

ACTION REQUIRED: To ensure that your users can be reached for Step-Up Authentication via telephone call or text message as required, please inform your users of the change, and ensure that all of your organization’s Web Cash Concentration users’ telephone numbers are up-to-date within the system by May 31, 2013. Both the administrators and users can make changes to the telephone numbers under the Administration setting. Thank you for your assistance with this important change. Please contact your Treasury Management Representative if you have any questions.  

 

ADDITIONAL INFORMATION CONCERNING PNC CASH CONCENTRATION CHANGES FROM PSERS: Please review the phone number currently listed in the PNC Cash Concentration website for your user ID numbers that can be found under the Administration setting.  In order for the user to receive the automated phone message from PNC the phone number listed for the user must be a direct line to the user including extension number.  The automated message will give the user a code number that must be entered into the PNC Cash Concentration website in order to continue the log in process.  This is a one- time event and it appears that the user will only have to enter this code number into the system once in order to continue to log in to all company ID numbers that each individual user currently has access to.  

 

If you are unable to update the current phone number listed in the PNC Cash Concentration website for your user ID number please contact Curt Bish @ (717) 720-4611 or Allison Biser @ (717) 720-4906 for assistance.  Each user that utilizes the system must receive the automated PNC message code number and enter it when prompted by the system in order to continue the log in process.