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Type: Posts; User: Dave DeJonge

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    The State of Alaska does not have a provision for...

    The State of Alaska does not have a provision for allowing members to cancel their refunds.

    Teresa Kesey
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    Ohio PERS, at this point in time, issues paper...

    Ohio PERS, at this point in time, issues paper warrants to members electing to refund from the system. We does allow members who have refunded from the plan to cancel their refund within 30 days of...
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    Carlos, SURS does not allow members to cancel...

    Carlos,
    SURS does not allow members to cancel their refund.

    Once the refund has been paid to the member, regardless of whether or not they cashed the check, they would only be allowed to...
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    Hello Carlos: Minnesota TRA will accept a...

    Hello Carlos: Minnesota TRA will accept a return of a member refund in only limited circumstances. Once it has been electronically transferred to another account, we cannot accept it back.
    ...
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    Dear Mr. Gutierrez, The Florida Retirement...

    Dear Mr. Gutierrez,

    The Florida Retirement System (FRS) has a very similar policy to that of CalSTRS for the refund of employee contributions.

    A member may reverse the rollover or return the...
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    The Columbia Police and Fire Pension does not...

    The Columbia Police and Fire Pension does not allow cancellations on refunds. When I worked at MOSERS, members were not allowed to reconsider their refund request either. It was nonrevocable.

    --...
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    Refund Cancellations

    I am the tax compliance manager for CalSTRS and I have a question I’d like to submit to the membership. Our plan allows members who have refunded from the plan to cancel their refund within 30 days...
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    Lyla, We are also just showing one year in our...

    Lyla,
    We are also just showing one year in our GASB 72 disclosure since we no longer produce comparative financials.

    Dave DeJonge
    Arizona PSPRS
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    Hi Lyla: We are in year two under GASB 72 and...

    Hi Lyla:

    We are in year two under GASB 72 and we are just showing one year in our GASB 72 fair value disclosure. We do not have plans to show two years. We should have our FY2017 CAFR completed...
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    Lyla, we have already produced our second set of...

    Lyla, we have already produced our second set of financials under GASB 72 and only disclose 1 year as we don’t produce comparative financials. I have included a link to our financials below.
    ...
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    Hi Lyla, As many may have already responded,...

    Hi Lyla,

    As many may have already responded, it depends if you publish a comparative CAFR if you have to disclose 1 or 2 years of GASB 72 info in the footnotes. We publish a comparative CAFR if...
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    Hi Lyla, We reported 2 years in our GASB 72...

    Hi Lyla,

    We reported 2 years in our GASB 72 disclosures. Our auditors required we include the information for 2015, the prior year.


    Thanks,



    TINA M LAUSIER, CPA, MBA, CGMA | Fiscal...
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    GASB 72 Disclosures

    In reviewing CAFR documents from other systems I have noted only single year reporting. Is this only because of the first year/initial implementation? We reached back and included prior year data...
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    Hi Glenna, DPERS also has a lag policy as well...

    Hi Glenna,

    DPERS also has a lag policy as well for valuation of alternate investments because of the exact same issue that you describe and we’ve handled reporting and valuation using the latest...
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    Glenna, we adjust lagged returns for cash flows...

    Glenna, we adjust lagged returns for cash flows and then accrue for unrealized gain/loss based on regression against returns available as of our financial reporting date. We have been using this...
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    Glenna, OPERS only lags two asset classes with...

    Glenna,

    OPERS only lags two asset classes with regard to valuation.
    - All OPERS Private Equity and Real Estate is lagged three months, but is adjusted for cash flows.

    OPERS does have a few...
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    STRS Ohio has both private equity and real estate...

    STRS Ohio has both private equity and real estate investment funds that report a quarter in arrears. Our process, for monthly reporting, is to take the most recent quarter financials received and...
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    Throughout the fiscal year (other than fiscal...

    Throughout the fiscal year (other than fiscal year-end), we simply book the changes to our alternative investments as the quarterly statements come in. We have an 11th business day cutoff with our...
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    Investment Valuation Lags a Quarter

    Several years ago, management made the decision to lag our private equity adjustments for income and unrealized g/l by a quarter because not all partnerships could provide their valuations within the...
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    Below is an excerpt from our Capital (Fixed)...

    Below is an excerpt from our Capital (Fixed) Asset Policy that speaks to the disposal of our capital assets. I have also attached the form that is associated with the disposition of our assets.
    ...
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    Hi Sharon, We have a form that needs to be...

    Hi Sharon,

    We have a form that needs to be filled out and approved by a the department head for asset disposals. Asset tag(s) must be removed from the item and attached to the form. It is then...
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    Saron, We are required to dispose of all of our...

    Saron,
    We are required to dispose of all of our used assets through state surplus property. We generally get nothing for it so we tend to keep things for a long time. 
    ...
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    Hi Saron – MOSERS uses a company called...

    Hi Saron –
    MOSERS uses a company called Govdeals.com to sell all of our physical assets. We have used them for several years now and seems to work fine. We’ve tried having a ‘homegrown’ auction...
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    Disposal of Used Assets

    I am looking to find out how sister organization dispose of their used assets. The assets could include IT equipments, furniture’s, etc. If sister organizations can share their procedure whether via...
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    We do a “proof of life” letter when members reach...

    We do a “proof of life” letter when members reach certain ages. We do not sample our entire beneficiary populations. We don’t require a notarized form, but after 3 unanswered letters we suspend...
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