To examine the effects of the reporting changes, Governing compiled financial data for 80 state and local pension systems that had published reports for fiscal year 2014. Figures reported in fiscal year 2013 using GASB 25 standards were compared to fiscal year 2014 figures reported under the new GASB 67 standards. The funding status improved for the majority of systems reviewed, mostly as a result of strong investment returns. Fifteen of the systems now, though, appear less funded under the new standards. More than a third of the plans reviewed also revised down their discount rates used to estimate total liabilities.
Select a pension plan below to compare its 2014 financial data to the prior fiscal year. Please note that systems use different valuation dates to estimate total liabilities and assets. A few systems also implemented other changes affecting reported funding levels.
