New accounting and financial reporting standards for pensions are being implemented as early as June 30, 2015, by state and local governments across the country. It is critical for your members to understand their impacts.
To assist stakeholders in understanding the impact of the pension requirements, representatives of a cross-section of major organizations representing the preparers, auditors, and users of governmental financial statements participated in an effort organized by the Government Accounting Standards Board (GASB) and referred to as the Pension Communication Resource Group (PCRG).
PCRG participants worked together to develop brief, high-level, “plain-English” educational resources that describe key aspects of the pension standards with the needs of your organization’s members in mind. Each document includes key points, Q&A, and additional resources for a deeper dive into the subject area.
Specifically, the documents include information on:
Distinguishing between pension accounting and pension funding;
Financial statement impact; and
Click here to view the Pension Communication Resources document.
If you have any questions on how MainePERS is preparing to assist with this, please contact:
Sherry Tripp Vandrell, CMA, CGFM
Director of Finance
Maine Public Employees Retirement System
P.O. Box 349
Augusta, ME 04332-0349
(207) 512-3320 Sherry.Vandrell@mainepers.org