FY2016 CCDOA Financial Report as of 6302016.pdf - page 73

Notes to Financial Statements
For the Fiscal Years Ended June 30, 2016 and 2015
Plan Description
PERS administers a cost-sharing, multiple employer, defined benefit public employees’
retirement system which includes both Regular and Police/Fire members. The System was
established by the Nevada Legislature in 1947, effective July 1, 1948. The System is
administered to provide a reasonable base income to qualified employees who have been
employed by a public employer and whose earnings capacities have been removed or
substantially impaired by age or disability.
Summary of Significant Accounting and Reporting Policies
For purposes of measuring the net pension liability, deferred outflows of resources, deferred inflows of
resources, and pension expense, information about the fiduciary net position of the Public
Employees’ Retirement System of Nevada (PERS) and additions to/deductions from the PERS
fiduciary net position have been determined on the same basis as they are reported by PERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
Basis of Accounting
Employers participating in PERS cost-sharing, multiple employer defined benefit plans are required to
report pension information in their financial statements for fiscal periods beginning on or after June
15, 2014, in accordance with GASB 68.
The underlying financial information used to prepare the pension allocation schedules is based on
PERS financial statements. PERS financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America ("GAAP") that apply to governmental
accounting for fiduciary funds.
Contributions for employer pay dates that fall within the PERS fiscal years ending June 30, 2015 and
2014, are used as the basis for determining each employer’s proportionate share of the collective
pension amounts reported in the Schedule of Employer Allocations.
The total pension liability is calculated by the PERS actuary. The plan’s fiduciary net position is
reported in the PERS financial statements, and the net pension liability is disclosed in the PERS notes to
the financial statements.
1...,63,64,65,66,67,68,69,70,71,72 74,75,76,77,78,79,80,81,82,83,...169
Powered by FlippingBook