Accounting for Pensions and Other Postemployment Benefits No prerequisite Course Level: Advanced CPE Credits: 8
1 Day
9 a.m. – 5 p.m.
View current GFOA training schedule
Who Will Benefit
Finance professionals involved, either directly or indirectly, with accounting and financial reporting for a pension plan or an other postemployment benefit (OPEB) plan, or for a governmental employer that provides such benefits.
Program
The seminar is designed to equip participants with a solid working knowledge of accounting and financial reporting for both pensions and OPEB (i.e., postemployment benefits) It also offers practical guidance on how to prepare a comprehensive annual financial report (CAFR) for a public employee retirement system (PERS).
Advance Preparation
None
Seminar Objectives
Those who successfully complete the seminar should be able to:
- Define the key accounting and actuarial terms used in connection with postemployment benefits
- Determine the appropriate measure of cost for employers offering postemployment benefits under a variety of arrangements
- Distinguish actuarial liabilities from accounting liabilities
- Identify each of the acceptable actuarial cost allocation methods
- Identify the essential required disclosures for employers that offer postemployment benefits
- Identify the essntial components of each of the five major sections of a PERS CAFR (i.e., introductory, financial, actuarial, investment, and statistical).
- Identify the essential components of schedules of required supplementary information
- Determine the appropriate measure of cost for termination benefits
Recommended Reading
An Elected Official’s Guide: Employer’s Accounting for Pensions and Other Post-employment Benefits (OPEB)
An Elected Official's Guide to Public Retirement Plans
2005 Governmental Accounting, Auditing, and Financial Reporting (Chapter 15, “States and Certain Special-purpose Governments,” pages 332-351) Faculty
Stephen Gauthier, Director, Technical Services Center, Government Finance Officers Association, Chicago, Illinois
Patrick Hardiman, Partner, Deloitte & Touche, LLP, Wilton, Connecticut Registration Fees
GFOA Member: $370, Nonmember: $550 View current GFOA training schedule
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