The Governmental Accounting Standards Board (GASB) recently released two proposals for revised accounting and financial reporting standards related to public pension plans. These “exposure drafts” would change the way public pension plans calculate and report the costs and obligations of the plans and would require employers participating in the plans to report in their financial statements their share of the pension plan costs and obligations. Retirement Systems staff has reviewed the exposure drafts and submitted comments to GASB regarding the application of these standards in South Carolina. Our staff will be prepared to provide education and guidance to participating employers to ensure smooth implementation of the proposed standards if approved by GASB. Visit our Resource Center by selecting the button to the right for more information about these proposals and to access our response.
