A large number is looming. It’s called Net Pension Liability, and it may create confusion when it hits your balance sheet.  

 

On December 12 at 1 p.m. ET, ICMA will present a nuts-and-bolts web conference to help local government managers and finance directors break down the new GASB rules so they can better explain them to elected officials.

 

Here is the background: The Governmental Accounting Standards Board (GASB) has changed the rules for pension accounting: state and local governments must now report Net Pension Liability. This new number will likely be larger for most local governments and subject to more dramatic shifts in market fluctuation. The new rules go into effect for fiscal years ending in 2014 for pension plans and in fiscal years ending in 2015 for plan sponsors.  Right now is when managers should anticipate and prepare for questions from the public and their councils or governing boards.

 

To register, visit http://learning.icma.org/store/seminar/seminar.php?seminar=15373&pc=kn