Some Employers Receive Corrected GASB 68

Board Room
July 1, 2019

IMRF emailed all impacted employers on July 1

In April, IMRF issued all employers GASB Statement No. 68 Employer Reporting Accounting Schedules. Last month, IMRF discovered that some of those schedules contained inaccurate information. For impacted employers, corrected documents are now available within the IMRF Employer Access Document Archive.

If you are an impacted employer, your employees with Employer Access credentials received a notification email on July 1. They need to:

If you are not an impacted employer, your employees with Employer Access credentials did not receive a notification email, and no action is required.

What are GASB 68 Schedules?

These accounting schedules are required under Governmental Accounting Standards Board (GASB) Statement No. 68 "Accounting and Financial Reporting for Pensions." If your employer follows Generally Accepted Accounting Principles (GAAP), GASB 68 requires your employer's financial statements to disclose certain information related to its IMRF pension plans. IMRF provides your employer the required disclosure information in the GASB 68 accounting schedules found in Employer Access.

What is the inaccuracy?

The amounts listed under "Total Pension Expense," "Deferred Outflows of Resources," and "Deferred Inflows of Resources" may be inaccurate. You can find these figures within the document's Executive Summary, and in other locations within the schedules.

How did this happen?

The accounting schedules are compiled by IMRF's actuary GRS Consulting. In the original reports, one additional year of historical information distorted the results. GRS Consulting has isolated the issue that caused this to happen and has taken steps to ensure that it will not happen again. Both GRS and IMRF regret that this occurred and apologize for any inconvenience that it may have caused.

How do I get the corrected GASB 68 Schedules?

  1. Log into Employer Access
  2. Hover mouse over "My Account"
  3. Click "Documents"
  4. Click "Display Annual Documents"
  5. Click "GASB 68 - Regular June 2019" to download the report
  6. If your employer has additional IMRF pension plans, additional documents will be present. They will be named "GASB 68 - SLEP June 2019" and/or "GASB 68 - ECO June 2019"

What if I have questions?

Please direct any questions to one of the following IMRF employees:

  1. Financial Analyst Jim Splitt;; 630-706-4260
  2. Operations Analyst Bruce Sultan;; 630-706-4220li>
  3. Associate Operations Analyst Gregory Lambert;; 630-706-4292
  4. Chief Financial Officer Mark Nannini;; 630-368-5345