News Scan

NASRA Releases Public Fund Survey Findings for FY 2015

In December 2016, the National Association of State Retirement Administrators (NASRA) released its Public Fund Survey Summary of Findings for FY 2015.  The survey presents key data from 97 public defined benefit (DB) retirement systems with 121 plans, covering 12.7 million active members, 8.8 million retirees and other annuitants, and holding $3.20 trillion in assets….

SOA’s Retirement Plans Experience Committee Mortality Study Update

On February 15, 2017, the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries (SOA) reported that they are continuing to work on a public pension plan mortality study. After the release of the RP-2014 Mortality Tables Report, a number of actuaries requested that the SOA perform an additional study to determine whether separate…

GASB Statement No. 84 Provides Fiduciary Activity Guidance for Governmental Entities

In January 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 84, Fiduciary Activities. The new guidance addresses: 1) the categorization of fiduciary activities for financial reporting; 2) how fiduciary activities are to be reported; and 3) when liabilities to beneficiaries must be disclosed.  Statement No. 84 provides conditions for governments to classify…

NCPERS Releases 2016 Public Retirement Systems Study

On January 12, 2017, the National Conference on Public Employee Retirement Systems (NCPERS) announced the results of its 2016 NCPERS Public Retirement Systems Study.  The comprehensive survey provides information on investment experience, actuarial assumptions, plan administration and operations, trends, innovations and best practices. The key findings include: During 2016, the average funding levels (the value…

Groom Law Group Releases Issue Brief on the Proposed New IRS Mortality Table

On January 13, 2017, the Groom Law Group released its issue brief, Proposed New IRS Mortality Table May Impact Plan Funding and Benefit Payouts.  The brief summarizes the proposed new regulations on the mortality tables to be used by most defined benefit retirement plans that were issued by the Treasury Department and Internal Revenue Service…