Boards and Governance

GASB and Actuarial Information

The Governmental Accounting Standards Board (GASB) establishes accounting and financial reporting standards for U.S. state and local governments.

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.

Public Reports

Reports may be searched by key words, employer code or employer name. This search feature can be accessed using the link below:

Access the GASB Public Reports site

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TCRS is providing the following information for your convenience; however, as the employer you are responsible for your financial statements, including application of the GASB 68 provisions. We recommend that you utilize the services of your internal and external auditors to understand the requirements of GASB 68 and determine the appropriate disclosures and accounting entries.

  • Suggested Notes to the Financial Statements and Required Supplemental Information (RSI) for pension data.
    • Notes for agent plans are provided for participating governmental entities, whether the plan is open or closed to new employees.
    • Notes for cost-sharing plans are provided for LEAs.
  • Suggested Accounting Entries required pursuant to GASB 68.
  • Specific to Political Subdivisions, Employer Actuarially Determined (ADC) Rate
    • Rate sheet reflects the minimum employer rate that must be paid.
    • Employer may elect to pay a higher rate.
  • Specific to LEAs for the Teacher Legacy Pension Plan and the Teacher Retirement Plan, a Schedule of Pension Amounts showing each LEAs proportionate share of net pension liability (asset), pension expense (negative pension expense), deferred outflows of resources, and deferred inflows of resources .
  • Actuarial Certification Statement and Report by the actuarial firm of Findley, Inc.
    • A single report will be issued which covers all LEAs.
    • A separate report will be issued for each specific political subdivision.
  • List of governmental employers that do not provide COLAs to retirees.
  • List of governmental employers that have closed membership to new employees.
  • List of governmental employers that have non-contributory employees.

Document descriptions

The table below provides general guidance on locating GASB 68 information within the different public reports sections.

Document description Public reports section
General information and reports pertaining to more than one employer ID, regardless of pension plan type General
Information and reports pertaining to a single LEA employer ID
Local Education Agencies
Information and reports pertaining to a single Political Subdivision employer ID
Political Subdivisions
Information and reports pertaining to the State and a single Higher Education Institution Employer ID State
GASB 67 Actuarial Reports

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GASB 67 Reports

Reports may be searched by key words, employer code or employer name. This search feature can be accessed using the link below:

Access the GASB 67 Public Reports site

Actuarial information

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