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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 9 – Defined Benefit Pension Plans and Defined Contribution Plan

Defined Benefit Pension Plans

The state currently participates in the following defined benefit pension plans as an employer:

  • ERS plans (which includes S.E.R.S., LECOS, JRS1 and JRS2 plans)
  • TRS plan

The state also makes contributions to a defined benefit plan (the TESRS plan) as a non-employer contributing entity.

The ERS, TRS and TESRS plans (with the exception of JRS1 plan) are administered through trust and subject to GASB 68, GASB 71, GASB 73 and GASB 82 accounting and reporting requirements.

The JRS1 plan is operated on a pay-as-you-go basis — not set up under trust. The JRS1 plan is subject to GASB 73 and GASB 82 requirements.

Defined Contribution Plan — Optional Retirement Program (ORP)

The Optional Retirement Program (ORP) is the state defined contribution plan offered to eligible employees. For more information on reporting requirements for ORP, see Universities.

Defined Contribution Plan — Internal Revenue Code (IRC), Section 457(f) Plans

With the implementation of GASB 97, certain IRC Section 457(f) defined contribution plans are also considered pension plans. All accounting and financial reporting requirements that are relevant to pensions must be applied to benefits provided through a Section 457 plan that meets the definition of a pension plan.