Noncurrent portion of the Net Pension Liability. This account is classified as a long-term liability for financial statement note disclosure. For governmental funds, this account is reserved for OSC use only.
Net Pension Liability: The portion of the present value of projected benefit payments to be provided through the pension plan to current active and inactive employees that is attributed to those employees’ past periods of service (total pension liability), less the amount of the pension plan’s fiduciary net position. The account should only reflect the allocated portion of the net pension liability for that agency for cost-sharing plans (TSERS) and any net pension liability associated with single-employer plans administered by the agency. [See GASB 68 Accounting and Financial Reporting for Pensions for more information.]