BNY Releases GASB 67 Aid

To help U.S. public pension funds comply with the GASB 67 requirements—for example, Statements of Net Assets and Net Changes—BNY Mellon has developed customizable reports that will support plan sponsors as they compile this information.

The reports are available to clients through BNY Mellon’s technology portal, Workbench. Other capabilities feature:

• Annual money-weighted returns integrated into existing standard and interactive reporting;
• Money-weighted returns available across all return types, including net-of-plan expenses;
• Returns reported by calendar or fiscal periods, as well as customized time periods; and
• Extended time-period returns reported on an annualized or cumulative basis back to inception date.

In 2012, the Governmental Accounting Standards Board (GASB) approved new accounting and financial reporting standards for state and local governments’ public employee pension plans (See GASB Approves New Pension Reporting Standards).

Statement No. 67, Financial Reporting for Pension Plans, establishes standards intended to improve accountability and transparency in financial reporting by state and local government pension plans. Plans must implement the GASB 67 standards for plans with fiscal years ending June 30 of this year.

More information about these solutions is available at www.bnymellon.com.