GASB 68 Documents
GASB Statement 68 applies to governmental employers and is applicable for fiscal years beginning after June 15, 2014. There are two types of pension plans within the Tennessee Consolidated Retirement System (TCRS): agent and cost-sharing.
All employers participating in TCRS, with the exception of Local Education Agencies (LEAs), do so through agent plans. LEAs participate in a cost-sharing pension plan for the benefit of employees classified as teachers. However, non-professional employees of LEAs, if members of TCRS, are covered through agent plans that are sponsored by their local government.