The Governmental Accounting Standards Board (GASB) on July 2 issued for public comment a proposed statement on the transition provisions of GASB's new pension standards for state and local governments.
On August 2, 2012, the Governmental Accounting Standards Board (GASB) published standards intended to improve the accounting and financial reporting of public employee pensions by state and local governments.
The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
The Internal Revenue Service (IRS) has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012.
A series of hearings and roundtables scheduled by the standard-setting boards during October will address two controversial issues: (1) the GASB proposals on accounting for government pensions, and (2) standard setting for private companies and nonprofit entities.