Comprehensive and Timely Reporting Key for Public Pension Transparency

WASHINGTON, July 26, 2017 /PRNewswire-USNewswire/ -- Public pension plans are required to administer important reporting and disclosure functions. But, are they performing these functions well? A recent study by the Center for State and Local Government Excellence with input and assistance from the National Association of State Retirement Administrators, examines how major public pension systems communicate financial, benefit, and governance information to their members and other interested parties, as well as which systems provide useful illustrations and lessons.

Public Pension Reporting and Disclosure: The Current State of Practice and Examples of What Works Well utilizes data concerning the public reporting practices of 83 of the largest statewide pension plans in every state and the District of Columbia. 

The study found that robust communication and financial reporting initiatives: 

• Follow GFOA reporting standards in producing their Comprehensive  Annual Financial Reports, in addition to developing a plain language annual financial report;
• Develop an annual actuarial valuation and a periodic experience study, while clearly outlining the funding policy produced by the system and/or established in state statute; 
• Actively engage with key stakeholders through robust communications and reporting initiatives;
• Leverage social media and/or establish advisory committees to garner detailed feedback from their stakeholders.

Download the report at: http://slge.org/wp-content/uploads/2017/04/Public-Pension-Reporting-and-Disclosure-2017-Report.pdf 

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Access all of SLGE's research on retirement at:  http://slge.org/research/retirement

About the Center for State and Local Government Excellence (SLGE) 
SLGE helps state and local governments become knowledgeable and competitive employers so they can attract and retain a talented and committed workforce. SLGE identifies best practices and conducts research on competitive employment practices, workforce development, pensions, retiree health security, and financial planning. SLGE also brings state and local leaders together with respected researchers and features the latest demographic data on the aging workforce, research studies, and news on health care, recruitment, and succession planning on its website, www.slge.org.

About the National Association for State Retirement Administrators (NASRA)

NASRA is a non-profit association whose members are the directors of the nation's state, territorial, and largest statewide public retirement systems. NASRA members oversee retirement systems that hold more than two-thirds of the $3.9 trillion held in trust for nearly 15 million working and 10 million retired employees of state and local government. Learn more at www.nasra.org.

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SOURCE Center for State and Local Government Excellence