GASB's newly issued Statement No. 50, Pension Disclosures,
more closely aligns current pension disclosure requirements for
governments with those that governments are beginning to implement for
retiree health insurance and other postemployment benefits.
Specifically, Statement 50 amends GASB Statements No. 25 and No. 27
by requiring:
* Disclosure in the notes to the financial statements of pension
plans and certain employer governments of the current funded status of
the plan.
* Governments that use the aggregate actuarial cost method to
disclose the funded status and present a multi-year schedule of funding
progress using the entry age actuarial cost method as a surrogate; these
governments previously were not required to provide this information.
* Disclosure by governments participating in multi-employer,
cost-sharing pension plans of how the contractually required
contribution rate is determined.
The provisions of Statement 50 generally are effective for periods
beginning after June 15, 2007.
For more information, visit www.gasb.org.
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