MTRS Issues Final GASB 68 Report, Providing Charter Schools with Their Portion of Pension Expense and Revenue
AAFCPAs would like to make Massachusetts Charter School clients aware that the Massachusetts Teachers’ Retirement System (MTRS) has issued its GASB 68 “Schedule of Nonemployer Allocations and Schedule of Collective Pension Amounts” report for the year ended June 30, 2017. The Schedules are available here. >>
AAFCPAs reminds clients, per Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, employers in a special funding situation are required to recognize an “on behalf of” pension expense and revenue for the support provided by the nonemployer contributing entity (the Commonwealth). All Charter Schools in MTRS are considered special funding situations with employer contributions paid by the Commonwealth.
Charter Schools may access this report to determine their specific amount to recognize for pension expense and revenue. The amounts are listed alphabetically by school starting on page 21 of the report, titled: “SUPPLEMENTAL SCHEDULE OF SPECIAL FUNDING AMOUNTS BY EMPLOYER.” The second column should be used entitled “employer pension expense and revenue from Commonwealth Support.”
If you have any questions, please contact: John Buckley, CPA, CGMA at email@example.com, 774.512.4039; or your AAFCPAs Partner.