Administration November 25, 2013

Transition Provisions of New GASB Pension Standards

November 25, 2013 (PLANSPONSOR.com) – The Governmental Accounting Standards Board (GASB) has released a statement on the transition provisions of new pension standards for state and local governments.
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GASB Statement No. 71, “Pension Transition for Contributions Made Subsequent to the Measurement Date,” eliminates a potential source of understatement of restated beginning net positions and expenses in a government’s first year of implementing GASB Statement No. 68, “Accounting and Financial Reporting for Pensions” (see “GASB Approves New Pension Reporting Standards”).

To correct this potential understatement, Statement No. 71 requires a state or local government, when transitioning to the new pension standards, to recognize a beginning deferred outflow of resources for its pension contributions made during the time between the measurement date of the beginning net pension liability and the beginning of the initial fiscal year of implementation. 

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According to the statement, this amount must be recognized regardless of whether it is practical to determine the beginning amounts of all other deferred outflows of resources and deferred inflows of resources related to pensions.

The provisions are effective simultaneously with the provisions of Statement No. 68, which is required to be applied in fiscal years beginning after June 15, 2014.

The GASB is an independent, nonprofit organization that establishes and improves financial accounting and reporting standards for state and local governments.

More information Statements No. 68 and No. 71 can be found on the GASB website.

Products November 25, 2013

UBA Partners with Vita Benefits Group

November 25, 2013 (PLANSPONSOR.com) – United Benefit Advisors (UBA) has partnered with Vita Benefits Group.
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Based in Mountain View, California, Vita Benefits Group is a provider of employee benefits consulting and brokerage services to employer groups of varying sizes. In addition to having relationships with major insurance carriers and negotiating medical and ancillary benefits for client partners, Vita also offers wellness program solutions.

“Joining UBA allows us to expand our knowledge of the benefits landscape, both in the U.S. and overseas,” says Karl Hansen, CEO and principal of Vita. “Engaging with such a vast network of firms will only improve our client experience in all aspects of insurance and employee benefits. Vita is excited about our future as a partner firm with UBA, as we prepare for the new benefits challenges of 2014 and beyond.”

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As the newest partner of UBA, Vita joins a network of more than 140 employee benefits advisory firms that service employers across the United States, Canada and Europe. Vita will have the ability to tap the expert knowledge of more than 2,000 benefit professionals through its partnership with UBA.

“We’re thrilled to welcome the Vita Benefits Group into the UBA family,” says UBA CEO Thom Mangan. “Vita’s broad range of services and penchant for one-of-kind client relations makes for a very attractive partner firm.”

United Benefit Advisors is an independent employee benefits advisory firm. Vita Benefits Group is a part of The Vita Companies, an employee benefits firm specializing in employee benefits, welfare plan compliance and administration, and 401(k) retirement plans.

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