In June of 2012, the Government Accounting Standards Board (GASB) issued Statement 68, requiring governments that provide defined benefit pensions to recognize their long-term obligations for pension benefits as a liability on their financial statements. GASB 68 became effective for fiscal years that begin after June 15, 2014.
Ohio’s state retirement systems, including OP&F, have always reported their unfunded liabilities and public employers have always reported their employer share of pension contributions. What is new is that GASB now requires that the financial statements issued by a local government (including OP&F employers), must begin reporting their proportionate share of the entire retirement system’s net pension liability. It is important to note that the new standards are accounting standards, not funding standards. This does not affect an employer’s actual liability or the required contributions that OP&F employers must pay.
OP&F employers can look up their proportionate share of the unfunded liability in the GASB 68 disclosure information document below. Employers will need a current OP&F employer code number to identify the correct amount (four digits, followed by either a P or an F). There will be two separate codes for employers who have both police and fire members.
GASB questions can be emailed directly to OP&F's Finance Department at GASB@op-f.org.
2021 Information (data through 12/31/2020)
2020 Information (data through 12/31/2019)