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GFOA’s 108th Annual Conference

Register today!

  • For this year’s session details, go to GFOA's annual conference page

  • Apply for GFOA’s first-time annual conference attendee scholarships

Program for Modified Cash Basis Reports

  • Learn more about the Award Program for Small Government Cash Basis Reports
  • Submit an application and be one of the first winners of the new award!
  • Contact us for materials on the new program to distribute at your next local conference

Pension Guide Book and Funding Guidance for Elected Officials

The GFOA and other leading organizations representing state and local governments and retirement systems, working together as part of a Pension Funding Task Force in Washington, D.C., released their final report, Pension Funding: A Guide for Elected Officials. The guide, which GFOA members are encouraged to share with their elected officials and other decision makers, provides an overview of defined benefit pension plans, including how such plans are funded and the new standards issued by the Governmental Accounting Standards Board.

 
The guide also provides recommendations for consideration in adopting pension funding policies. In particular, the guide recommends that pension funding policies be based on the following five general policy objectives:

  1. Have a pension funding policy that is based on actuarially determined contributions.
  2. Build funding discipline into the policy to ensure that promised benefits can be paid.
  3. Maintain intergenerational equity so the cost of employee benefits is paid by the generation of taxpayers who receives services.
  4. Make employer costs a consistent percentage of payroll.
  5. Require clear reporting to show how and when pension plans will be fully funded.

Click here for the report.
 
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Government Finance Officers Association of the United States and Canada
203 N. LaSalle Street - Suite 2700 | Chicago, IL 60601-1210 | Phone: (312) 977-9700 - Fax: (312) 977-4806