Schedule of Employer Allocations

Public pensions are not only accountable for GASB 68 reporting to its participating employers- they also provide the schedule of employer allocation.  The Schedule of Employer Allocation aligns with the GASB 68 reporting and standards. To add an additional layer of comfort, consistency, and transparency, the Government Auditing Standard issued by the Comptroller General of the United States, is conducted and followed by external auditors to provide an opinion on the schedule of employer allocations.

Schedule of Employer Allocations

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What the Schedule of Employer Allocations Report Is

Each year, SCERS provides a Schedule of Employer Allocations report to all participating employers. This report gives them detailed, audited information of employer’s proportional share of SCERS’ total net pension liabilities, total deferred outflows and inflows of resources, and total pension expense excluding that attributable to employer-paid member contributions.

By including this information in their financial statements, employers demonstrate to taxpayers, credit rating agencies, and the public that pension obligations are being measured and reported in a transparent way.

How It Is Prepared

The Schedule of Employer Allocation report is closely tied to SCERS’ annual actuarial valuation and GASB 68 report. The same actuarial data that determines contribution rates also feeds into the calculation of SCERS’ pension liability for accounting purposes.

Employers use this information when preparing their Annual Comprehensive Financial Reports (ACFRs) and budgets. Having an accurate picture of pension obligations allows them to plan responsibly and provide a full accounting of their financial commitments.

Independent Audit

The Schedule of Employer Allocations is audited by external auditors following Government Auditing Standard issued by the Comptroller General of the United States. This audit provides assurance that the information presented is reliable, actuarial methods are sound, and employers can confidently use the data in their own reporting.

Why the Schedule of Employer Allocations Matters

For employers, the Schedule of Employer Allocation report is an essential tool that provides information for decision making and is essential for financial reporting of participating agencies. For members, it is another layer of accountability, showing that SCERS’ obligations are fully recognized in the financial reporting of participating agencies. And for the public, it demonstrates that the cost of retirement benefits is tracked openly and responsibly.

By providing an audited schedule of employer allocation each year, SCERS and its employers reinforce the financial integrity of the system, and build confidence that retirement promises are backed by transparent, audited data.

This report provides decision-useful information, creates transparency, and supports assessment of accountability.