GASB 67 requirements incorporated by BNY Mellon 15 September 2014New York Reporter: Catherine Van de Stouwe
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BNY Mellon has launched a new reporting and performance analytics solutions to help US public pension funds comply with GASB 67 requirements.
Starting with fiscal years ending 30 June 2014, GASB 67 standards take effect for US public funds and are designed to improve financial reporting by state and local government pension plans by establishing standards aimed at enhancing accountability and transparency.
The new solutions will enable plan sponsors to compile statements of net assets and net changes requirements through the Workbench technology portal.
Additional solutions will have capabilities that feature annual money-weighted returns integrated into existing standard and interactive reporting; money-weighted returns available across all return types, including net-of-plan expenses; returns reported by calendar or fiscal periods, as well as customised time periods; and extended time-period returns reported on an annualised or cumulative basis back to inception date.
George Gilmer, BNY Mellon head of asset servicing for the Americas, said: “As new standards like GASB 67 continue to impact plan sponsors, they need investment servicers with a solid understanding of the financial regulatory landscape.”
“We’re combining our technology and professional expertise to help them tackle these on going challenges and better inform their decision-making process.”
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