TCNJ

3 FY 21 ANNUAL FINANCIAL REPORT GASB Statement No. 68 The college implemented Government Accounting Standards Board (GASB) Statement No. 68 (GASB 68), Accounting and Financial Reporting for Pensions, and GASB Statement No. 71 (GASB 71), Pension Transition for Contributions made Subsequent to the Measurement Date. Both GASB 68 and GASB 71 require state and local government employers to recognize a net pension liability and related deferred outflows and inflows of resources and pension expense for defined benefit plans in which the entity participates. e college pension plans impacted by GASB 68 and 71 are the State of New Jersey Public Employees' Retirement System (PERS), the State of New Jersey Police and Firemen's Retirement System (PFRS), and the State of New Jersey Teachers' Pension and Annuity Fund (TPAF). Historically, the state of New Jersey (the state) provided the contributions to the pension plans while seeking reimbursement from the college for the college's non-state-authorized positions. e state has communicated that the GASB 68 pension liability "allocations do not impact state laws or past funding arrangements that have been established annually in the state budget". e college's financial statements reflect its proportionate share, as determined by the Division of Pensions and Benefits of the state, of the state-wide pension liability for each applicable pension plan. e condensed statement of net position below reflects the GASB Statement No. 68 adjustment to the college's financial statements for fiscal year 2021:

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