Governmental Accounting Standards Board (GASB) Statement 68 Fee Change, Dated August 25, 2025

August 25, 2025
Circular Letter: 200-040-25
Topic: Financial

To: Public Agency Employers

Purpose

The purpose of this Circular Letter is to inform public agency employers of a fee structure change for the Governmental Accounting Standards Board (GASB) 68 Reports for Cost-Sharing (pooled) plans for the measurement period ending June 30, 2025.

Fees

The California Public Employees’ Retirement System (CalPERS) assesses fees to cover the costs associated with preparing GASB 68 reports. These fees support the development of the accounting valuation report, coordination with the employer and its external auditors, and engagement of CalPERS’ external auditors to provide an independent audit opinion.

Beginning with the June 30, 2025, GASB 68 reports, CalPERS will implement a new fee structure due to a reorganization of the pooled plan valuation approach. Instead of assessing fees at the individual rate plan level, costs will now be determined based on pool category. This change will affect the amount your agency is charged, so it is important to review your pool classifications to understand how the updated structure applies to your agency. For most agencies, this will result in a reduction in the total amount charged.

For example, if your agency has three Miscellaneous and two Safety plans, you would have been assessed a $1,750 fee ($350 per plan) under the previous billing structure. With this new change, the fee will be $700 ($350 for Miscellaneous and $350 for Safety). The invoice will display the fee for only one of each plan category, with the remaining categories showing $0, as in the attached Sample GASB 68 Invoice (PDF).

Availability

We expect the GASB 68 annual accounting valuation report and supporting schedules for the June 30, 2025, measurement period to be available by January 2026.

Questions

If you have specific questions not addressed on the CalPERS GASB web page, email us at CalPERS_GASB_68@calpers.ca.gov, or call our CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377888-225-7377).

Michele Nix, Chief Financial Officer
Financial Office

Attachment: Sample GASB 68 Invoice (PDF)