In June 2012, the Governmental Accounting Standards Board (GASB) issued new standards for reporting of public pensions and scheduled their implementation in fiscal years beginning after June 30, 2013, for plans' accounting (Statement No. 67) and June 30, 2014, for employers' financial accounting (Statement No. 68—replacing Statement No. 27). The new statements encompass a host of reforms relating to every aspect of pension accounting.

The highlights of these statements include requiring participating employers to report their proportionate share of the URS Net Pension Liability (currently — Unfunded Actuarial Accrued Liability) on the face of their financial statements. These changes will result in an increase in employers’ total pension liability, add volatility to the employer net pension liability, and make reported year-end expenses more unpredictable.

If you have any questions regarding the new pension disclosures, please call the Finance Department at 801-366-7361 or 801-366-7429.