Fall 2011 issue of Horizons

contribution calculated by the actuary to the actual contribution and to covered payroll for each of the past ten years.

Governments that participate in defined benefit pension plans are encouraged to familiarize themselves with these proposed statements, and the impact that these statements will have on their financial reporting. If these new financial reporting requirements result in increased net pension liabilities as expected, government finance officers will need to be prepared to explain this increased liability, and the resulting decrease in government-wide net assets, to city and county administrators and councils, creditors, and rating agency representatives.

Summary Both statements will be effective for periods beginning after June 15, 2012 for plans with net assets of $1 billion or more in the first fiscal year ending after June 15, 2010. All other plans and employers will implement the statements for periods beginning after June 15, 2013. The comment period for both of these proposed statements ends September 30, 2011.

RubinBrown’s Public Sector Services Group Through our many governmental clients, we understand the issues unique to the public sector.

Jeff Winter, CPA - St. Louis Partner-In-Charge Public Sector Services Group jeff.winter@rubinbrown.com 314.290.3408

Bert Bondi, CPA - Denver Partner Public Sector Services Group bert.bondi@rubinbrown.com 303.799.6826

Kaleb Lilly, CPA - Kansas City Partner Public Sector Services Group kaleb.lilly@rubinbrown.com 913.499.4417

Rodney Rice, CPA - Denver Partner Public Sector Services Group rodney.rice@rubinbrown.com 303.952.1233

Ted Williamson, CPA - St. Louis Manager Public Sector Services Group ted.williamson@rubinbrown.com 314.698.3534

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