GASB 67/68 – Pension disclosures for year-end – Audit complete?
As a cost-sharing employer, did the retirement system provide you the necessary year-end disclosures for GASB 67/68?
If your retirement system provided you & your auditors all the necessary disclosures, that’s great and there’s nothing for you to see here. However, if that’s not your situation and we’re hearing it more than we’d expect, we have developed a product that enables us to provide you those disclosure with minimal work on your part (we will need a copy of the retirement system valuation and your pensionable payroll for the plan year) in an efficient and cost effective manner. This new pension accounting standard can be a compliance headache for many smaller employers and we want to make it as painless as possible.
Beginning last year, we encouraged our clients to reach out to the retirement system’s pension actuaries to see if the system would provide them the required year-end disclosures for their annual audit. If your system does not provide you with the separate required disclosures for your audit, Odyssey is here to help
As always, if you have questions, please contact your Odyssey consultant.