GASB Gives Two Week Extension for Pension Comments
September 26, 2011
In response to requests for additional time, the Governmental Accounting Standards Board (GASB) has extended the deadline for commenting on the pension accounting and financial reporting proposal to Friday, October 14. In addition, the date of the public hearing in New York City has been moved from October 3 to Tuesday, October 4.
NACUBO urges public institutions to submit comments to the GASB. A significant majority of colleges and universities participate in multiple- employer cost-sharing public retirement systems and will be affected by proposed requirements in the Exposure Draft (ED). The proposed guidance marks the first time that the Board has concluded that each employer in a cost-sharing pension plan has an individual liability. Prior authoritative conclusions were that the obligations of employers participating in cost sharing plans differ significantly from those participating in single- employer or agent plans (Statement No. 27, “Accounting for Pensions by State and Local Governmental Employers,” paragraph 174), and that liability allocations among multiple employers would be arbitrary and inconsistent with the nature of a cost-sharing plan and contractual obligations under the plan (paragraphs 175 and 177).
NACUBO encourages public institutions to closely read the Exposure Draft and provide comments directly to GASB or NACUBO. Because the legal structure and contractual language can vary from plan to plan and state to state, it is important for GASB to hear the concerns and feedback of public higher education. The NACUBO staff resource is Sue Menditto, director, accounting policy. More on this topic can be found on NACUBO’s website.
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