Financial Reporting for Pension Plans

Background and Core Principles

GASB Statement No. 67, Financial Reporting for Pension Plans, revises existing guidance for the financial reports of most pension plans for state and local governments.

This Statement replaces the requirements of Statement No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans and Statement 50 as they relate to pension plans that are administered through trusts or similar arrangements meeting certain criteria.

The Statement builds upon the existing framework for financial reports of defined benefit pension plans, which includes a statement of fiduciary net position (the amount held in a trust for paying retirement benefits) and a statement of changes in fiduciary net position.

Statement 67 also:
  • Enhances note disclosures and Required Supplementary Information (RSI) for both defined benefit and defined contribution pension plans.
  • Requires the presentation of new information about annual money-weighted rates of return in the notes to the financial statements and in 10-year RSI schedules.

Statement No. 67 will take effect for pension plans in fiscal years beginning after June 15, 2013 (that is, for years ended June 30, 2014 or later).

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Implementation Toolkit for Pension Plans

GASB’s pension plan toolkit assists pensions plans in implementation on Statement No. 67. Additional resources will be added as they become available.

Toolkit Contents

image Guide to Implementation of GASB Statement 67 on Financial Reporting for Pension Plans (pdf)
An authoritative resource guide designed to assist preparers and auditors of state and local government pension plan financial reports as they prepare to implement the standards, which are effective for periods beginning after June 15, 2013.
image [Asset Included(Id:1351027761505;Type:GASBContent_C)] GASB Chairman David A. Vaudt discusses the top implementation issues facing pension plans.
image Podcast - [Asset Included(Id:1176162707845;Type:Media_C)]
GASB Project Manager Michelle Czerkawski discusses the types of pension plans affected by Statement 67 and the most significant changes to accounting and financial reporting for pension plans.
image Fact Sheet (pdf)
A fact sheet answering frequently-asked questions specifically relating to Statement No. 67.
image Article: Keys to Implementation Issues (pdf)
An article identifying several areas plan administrators and public officials should consider as they plan, prepare and collaborate when implementing the new standards.
image Setting the Record Straight (web version | pdf)
Answers to common misperceptions about the new pension standards.
image Background (web version | pdf)
A fact sheet answering frequently-asked questions regarding Statements No. 67 and 68.
image Summary of Statement 67 (web version)
image Full Text of Statement 67 (pdf)