Standard Issued for Certain Multiple-Employer Pension Plans
The Governmental Accounting Standards Board (“GASB”) has issued GASB Statement (GASBS) No. 78, Pensions Provided Through Certain Multiple-Employer Defined Benefit Pension Plans, to assist participants of some private or federal multiple-employer pension plans. Addressing the employer accounting and financial reporting disclosures for pension plans, the standard is intended to help state or local governments participating in multi-employer plans with the implementation of GASBS No. 68, Accounting and Financial Reporting for Pensions. GASBS No. 78 excludes several pensions available to governmental employees through a cost-sharing, multiple-employer pension plan from applying GASBS No. 68. The GASB said the exclusion is necessary due. Read More.