- Who We Are
- What We Do
- Who We Serve
GASB 67/68 – Pension disclosures for year-end – Audit complete?
As a cost-sharing employer, did the retirement system provide you with the necessary year-end disclosures for GASB 67/68?
If your retirement system provided you & your auditors with 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 with those disclosures 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 with the required year-end disclosures for their annual audit. If your system does not provide you with the separately required disclosures for your audit, Odyssey is here to help
As always, if you have questions, please contact your Odyssey consultant.
More Insights From This author
Pension Lump Sum Values to Plunge in 2023
Healthcare Costs Expected to Spike in 2023
9 Things to Review for Your OPEB Census Audit
When Can You Withdraw from an OPEB Trust?
Major Changes Coming to “ROBS” in Reconciliation Bill
What is a Cash Balance Plan? Your Top Questions Answered
Is a 403(b) Plan Right for You?
What is the Windfall Elimination Provision?