Pensions—Statements 67 and 68—Stage Two

Pensions—Statements 67 and 68—Stage Two

PIR Topic: Statement No. 67, Financial Reporting for Pension Plans and Statement No. 68, Accounting and Financial Reporting for Pensions Background: Statements 67 and 68 were issued in June 2012. Statement 67 was effective for fiscal years beginning after June 15, 2013. Statement 68 was effective for fiscal years beginning after June 15, 2014.

History:
  • PIR initiated: January 2017
  • Stage 2 activities commenced: January 2017
  • Initial archival analysis and survey concluded: March 2019
  • Stage One completed: March 2019
  • Stage two activities resumed: June 2019
Current Developments: For the PIR for Statement 67, a summary of findings from the archival analysis on PIR 67 and a summary for the results of the comparison between the more recent data with the initial implementation data are under review. For the PIR for Statement 68, both the aggregate comparisons and the more detailed data point comparisons at the plan level between stage one and stage two for phase 1 and phase 2 governments were completed. In addition, comparisons of stage 2 data for governments of different sizes (phases 1, 2, and 3) were completed. Five survey instruments (survey of actuary firms, users, pension plans, employers/preparers, and auditors) were developed and reviewed by knowledgeable stakeholders as the pre-test. Feedback from stakeholders are being analyzed and processed before finalizing the survey instruments.

Work Plan:
 
Board Meetings Activities
August–November 2022 Administer preparer, auditor, and user surveys; conclude stage two.
November 2022–July 2023 Analyze data from surveys; prepare final report.
August 2023 Discuss results of the PIR and draft final report with the Board.
August 2023 Discuss draft final report with the GASAC.
October 2023 Present final PIR report to FAF Board of Trustees; publish report.
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