Pension Funding Guides by the Pension Funding Task Force - 8/12/13

08-12-2013 |

Difference between pension amounts for Books (accounting), Bonds, and Budgets (cash contributions) plus a Guide to Pension Funding for Elected Officials from the Pension Funding Task Force.

Recent changes mean there will soon be three separate calculations of pension liabilities: for financial accounting, contribution rates, and by credit rating analysts.  This one-page summary from the Pension Funding Task Force outlines the separate numbers for "Books, Bonds, and Budgets."

Books, Bonds, and Budgets 

Unlike GASB 27, the new GASB Statement 68 does not specify an "annual required contribution."  Plan sponsors - trustees and public officials - will need to set appropriate contribution rates.  The Task Force released "Pension Funding: A Guide for Elected Officials" which gives background on pension funding and a discussion of policy objectives to be considered in setting funding policy.

Pension Funding: A Guide for Elected Officials

The Pension Funding Task Force has representatives from:
National Governors Association 
National Conference of State Legislatures
The Council of State Governments
National Association of Counties
National League of Cities
The U.S. Conference of Mayors
International City/County Management Association
Center for State and Local Government Excellence
National Association of State Auditors, Comptrollers and Treasurers
Government Finance Officers Association
National Association of State Retirement Administrators
National Council on Teacher Retirement