Summary of upcoming changes in pension accounting standards

June 17, 2015

Pension

The Auditor of Public Accounts, Martha Mavredes, produced a two-page summary of the upcoming changes in the pension accounting standards and the localities that are impacted in response to a request from the members of the Joint Legislative and Audit Review Commission (JLARC).

This summary is designed to be a helpful resource for county elected and appointed officials they seek to understand and explain this complicated subject. The summary includes a brief description of the responsibilities of the Virginia Retirement System (VRS), the Auditor of Public Accounts (APA), actuaries, and employers.

VRS and APA are investing significant time and resources to provide localities participating in VRS and their auditors with some of the information they will need to comply with the new accounting standards.

APA also prepared a second document that includes:

1. A list of localities with populations over 5,000 that do not participate in the Virginia Retirement System, but instead provide coverage to their employees under another retirement system. These localities will need to work closely with their retirement plans and auditors as they gather the needed information for implementing the new accounting standards.

2. A list of localities with populations under 5,000, which are not required by the Code of Virginia to provide a retirement system.  None of these localities currently participate in the Virginia Retirement System, but if they provide coverage under another system, they will also have to comply with the new accounting standards.

VACo Contact: Erik Johnston, CAE

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