Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Products December 4, 2012
Paper Explores Public Pension Accounting Reforms
December 4, 2012 (PLANSPONSOR.com) – An Insights report from PricewaterhouseCoopers (PwC) details changes to accounting standards for public defined benefit pension plans.
Reported by Rebecca Moore
The Governmental Accounting Standards Board (GASB) approved two new standards for the accounting and financial reporting of public employee pensions by state and local governments (see “GASB Approves New Pension Reporting Standards”). Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans. Statement No. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most governments that provide their employees with pension benefits.
The report from PwC’s Human Resource Services group explains what the statements mean and offers commentary from PwC. It also includes a list of next steps for governments.
The report can be accessed here.You Might Also Like:
Funded Status of the Largest Public Pension Funds Rises
Strong investment returns pushed funding level to 79.4% in May.
Benefits |
Despite Savings Shortfall for Public Sector Workers, Automatic Options Yet to Catch On
Research from the MissionSquare Research Institute shows that with defined benefit pensions not providing enough for full retirement, plan design...
State Pensions’ Funded Status Jumped in 2021
While state pensions reached their highest funded status in six years, market volatility and declining markets signal potential difficulty ahead.