We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byBilal Dering
Modified about 1 year ago
© 2014 McGladrey LLP. All Rights Reserved. GASB 67 & 68 - Pension Standards Employer Responsibilities Audio Dial-In Information Toll Free Number - 1 (866) Participant Code
© 2014 McGladrey LLP. All Rights Reserved. Presenters Joe Evans, Partner McGladrey LLP Bill Sarb, Manager McGladrey LLP Jessica Kline, Manager McGladrey LLP Tammy White, Deputy State Examiner State Board of Accounts (SBOA) 1
© 2014 McGladrey LLP. All Rights Reserved. New GASB Pension Standards 2 GASB Statement No. 67 Accounting and Financial Reporting For Pension Plans (Plan Reporting) GASB Statement No. 67 Accounting and Financial Reporting For Pension Plans (Plan Reporting) Effective for fiscal years Ending June 30, 2014 GASB Statement No. 68 Accounting and Financial Reporting For Pension Plans (Employer Reporting) Effective for fiscal years Ending June 30, The effective implementation of these standards requires your help and participation. -Cooperation is essential so that established State deadlines can be met.
© 2014 McGladrey LLP. All Rights Reserved. Testing Underlying Census Data of Active Employees Plan auditor (McGladrey) engaged to perform testing on relevant census data reported to the Plan during period Period to be tested is the fiscal year ended June 30, 2013 Several employers were selected for testing this year. Other employers in future periods Retirees and inactive employees will generally be tested at the Plan level and not require any additional information from employers The objective of the testing is to verify the Plan has the correct data on which to base the pension calculations, especially the total pension liability 3
© 2014 McGladrey LLP. All Rights Reserved. Testing Census Data – Sample of employees Hire date Years of service Age Eligibility Gender Birth date Employee Status – Active / Inactive / Retired -We will provide you the sample items in a spreadsheet format so that you can see the details for each person -Need to have access to original personnel files -Will be using employee ID numbers provided by INPRS 4
© 2014 McGladrey LLP. All Rights Reserved. Testing Payroll Data – INPRS Eligible Annual earnings 7/1/12 – 6/30/13 Actual amounts reported to INPRS Annual salary vs. actual amount paid – need to tie out actual amount paid Copy of annual salary approval Summary of sampled employee annual earnings Pay Period Detail – by sampled employee Hours and pay rates Creditable vs. non-creditable earnings -Need payroll registers, employee payroll details by pay period, approved salary, backup for reconciling items, pay stubs and/or banking information 5
© 2014 McGladrey LLP. All Rights Reserved. Reconciliation of Payroll Records to the General Ledger and/or Financial Statements Total earnings by employee reported to INPRS for fiscal year 2013 Non INPRS earnings by employee Other adjustments Total salaries per general ledger and also corresponding financial statements Reconciliation requested to be completed before detail testing of individuals begins For calendar year employers we will work with you to try alternative approaches such as reconciling select monthly data 6
© 2014 McGladrey LLP. All Rights Reserved. Sample Reconciliation to be Prepared 7 Section 1 - Reconcile the General Ledger to the Payroll Register Total Payroll Expense for Fiscal Year 2013 per General Ledger$ 20,000,000 ADJUSTMENTS (Modify as Necessary): Employer FICA expense (120,000) Employee benefit expense recorded in general ledger (2,200,000) Adjusted General Ledger 17,680,000 Detailed Payroll Registers (all months for annual period) (17,680,000)* Difference - Section 2 - Reconcile the Detailed Payroll Register to Earnings as Reported to INPRS Detailed Payroll Registers 17,680,000 Non-Plan Payroll Earnings (Ineligible Employees) (1,200,000) INPRS Earnings per the Payroll Registers 16,480,000 Earnings Per INPRS Data PERF (7,400,000) TRF Pre-1996 (3,500,000) TRF 1996 (5,580,000) Total earnings reported to INPRS$ (16,480,000) * The complete listing of employees and gross wages provided must agree to this line on the payroll reconciliation
© 2014 McGladrey LLP. All Rights Reserved. Potential General Ledger Reconciling Items Any expense recorded in the GL, but not on the payroll report FY12 Optional Twelve-Month Deferred Payments (applicable to the TRF employers) FY13 Optional Twelve-Month Deferrals (applicable to the TRF employers) Individuals terminated during the year Payroll that exceeds creditable maximum Any non-eligible earnings 8
© 2014 McGladrey LLP. All Rights Reserved. Testing Payroll Data – Non INPRS Annual earnings 7/1/2012 – 6/30/13 Eligibility (testing they are properly excluded) by reviewing their job description Not necessary to trace census data back to personnel files for properly excluded employees. 9
© 2014 McGladrey LLP. All Rights Reserved. Auditor Expectations Auditors will provide sample of employees to be tested in advance of the visit We will provide you total annual payroll reported to INPRS Need all support documentation for payroll by employee to be made available Need access to personnel files to trace census data to underlying records Documentation and back-up for reconciliation to the general ledger Need management cooperation to provide explanations for exceptions found if any 10
© 2014 McGladrey LLP. All Rights Reserved. Employer Responsibilities With your help we believe this can be a relatively simple exercise that can be completed in a few hours Within the next few weeks, we will be sending you an with the list of employees to be tested and the total 2013 payroll amounts reported to INPRS Please begin immediately to obtain required data You need to obtain the back-up documentation i.e. personnel files and payroll support for the employees selected for testing You need to prepare a reconciliation of the payroll totals reported to INPRS to your total payroll to ensure we have everyone 11
© 2014 McGladrey LLP. All Rights Reserved. Employer Responsibilities (continued) Within the next few days, you will be contacted by Jessica Kline to schedule the auditors visit. Our hope is to schedule these visits starting July 14, 2014 and be completed no later than August 22, 2014 Please have all information ready for the auditors when they arrive Please designate an audit liaison to be present with the auditors during their testing and answer questions Additional employees may need to be tested during the visit especially if you have numerous Non-INPRS employees 12
© 2014 McGladrey LLP. All Rights Reserved. Contacts Jessica Kline at McGladrey will be your key contact for this process Phone: (317) Joe Evans and Bill Sarb are reachable via if you have questions Questions for INPRS, please contact Teresa Snedigar, Director of Internal Audit Phone: (317)
© 2014 McGladrey LLP. All Rights Reserved. Conclusion We will attempt to answer questions sent in the queue. On your phone you can unmute using #6 if you would like to ask a question 14
© 2014 McGladrey LLP. All Rights Reserved. INPRS – GASB 67 & 68 Testing Thank you for your cooperation 15
Auditing Overview for Employee Benefit Plans Pugh & Company, P.C.
Form I-9 and E-Verify Employment Eligibility Verification.
2010 Dynamics SL Year End Event December 15, 2010.
Financial and Grants Management Institute - March 18-20, Financial Reporting.
Slide 1 FastFacts Feature Presentation April 27, 2010 We are using audio during this session, so please dial in to our conference line… Phone number:
Slide 1 FastFacts Feature Presentation We are using audio during this session, so please dial in to our conference line… Phone number: Participant.
W o r k e r s C o m p e n s a t i o n I n s u r a n c e R a t i n g B u r e a u o f C a l i f o r n i a ® Preparing for the Workers Compensation Premium.
Federal Work Study (FWS) Student Financial Services.
How to Use the People First System!. Table of Contents continued People First Service Center How to Logon to People First If You Can’t Logon Password.
Balance Sheet Account Reconciliation Tutorial.. Reconciliation Definition: The process of analyzing two related records and, if differences exist between.
Alternative Trade Adjustment Assistance (ATAA) Demonstration Project Established by the Trade Adjustment Assistance Reform Act of 2002.
Budget Process and Budget Update Document (BUD). Overview Definitions Budget Process Why budget? What to budget What not to budget Budget Update Document.
VETERANS BENEFITS ADMINISTRATION AVECO July 14-17, 2014 Department of Veteran Affairs VA Work Study Program.
Change in Procedures Now going to give further clarification on how this impacts on the information you send to the pension section.
INFORMATION AND NEWS FOR BIBB COUNTY RETIREES. RETIREMENT INFORMATION FOR BIBB COUNTY EMPLOYEES AND RETIREES.
WORKDAY TRAINING QUESTIONS AND ANSWERS. Position Management.
1 DIVISION OF FINANCE Committed to Service Excellence Payment Card Approval Procedure Step 1. Bookkeeper gets receipts from cardholder & reallocates transactions.
Slide 1 FastFacts Feature Presentation December 11 th, 2008 We are using audio during this session, so please dial in to our conference line… Phone number:
Disclaimer Each individual’s needs for health care vary and decisions should be made based on specific knowledge of your own needs. Cost information.
Federal College Work-Study. Agenda Introduction Federal College Work-Study (FCWS): Employment at UVA CAVLink Getting the most out of Oracle Miscellaneous.
ABC School District JPMorgan Chase Purchasing Card Training Enter Date Here.
ASPE Update and Preparing for Year End Audit/Review Presenters: Leanne Mongiat, CA Trudy Snooks, CA Adams & Miles LLP.
© 2006 Morrison & Foerster LLP All Rights Reserved Keeping Up With a Changing Compliance Environment for Public Companies ACC-A General Counsel Roundtable.
Mr. Accountant Company Types Mr. Accountant can set customized settings with the program profile.
Slide 1 FastFacts Feature Presentation May 1 st, 2008 We are using audio during this session, so please dial in to our conference line… Phone number:
Postsecondary Child Care Grant Training Presented by Brenda Larter Minnesota Office of Higher Education June 14, 2013.
Time and Effort Reporting Office of Superintendent of Public Instruction (OSPI) 3/1/2014.
Procurement Services Corporate Purchasing (P-Card) Card Training Internal review only. Last updated October 2012.
*DEFINE OVM Documents Web Tutorial. Overview of Contents OVM Documents Types of Documents Parts of the OVM Document Document Examples OV1 OV2 OV5 OV6.
Agenda Eligibility –TRS –PERS –Scenarios Retiree Return to Work Forms Open Discussion.
© 2016 SlidePlayer.com Inc. All rights reserved.