Pensions in North Carolina that are Not Accounted for in a Trust
Governmental Accounting Standards Board (GASB)
Statement 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68
, addresses reporting changes for pensions for which local governments have not set aside assets in a trust.
The intent of the Statement was to improve consistency and transparency of pension information among governments. The reporting in the external financial statements will mimic closely that of GASB Statement 68. This Statement transitions financial reporting from an funding-based approach to an accounting-based approach. In North Carolina, the majority of the plans affected will be the single-employer Law Enforcement Officers’ Special Separation Allowance (LEOSSA) plans; however, there are some other plans offered by local governments in the State that will report under this guidance as well.