...Pension systems are releasing their fiscal 2014 actuarial valuations and financial reports under GASB statement 67, one of two new pension accounting standards announced in 2012. The transition to new GASB pension reporting has only just begun; governments will release their own financial reports subject to GASB statement 68 for fiscal years ending after June 15, 2015. This special report focuses on the changes that affect a system's reported net pension obligations. Future comments from Fitch Ratings will focus on other aspects of the new pension reporting, as well as other topics related to governments' defined-benefit pensions. Net Pension Obligations Shift: As systems release financial statements under GASB 67, their newly reported net pension liability figures often are shifting, sometimes materially, from the corresponding unfunded actuarial accrued liability (UAAL) figures reported under the old standards. The new standards require systems to conform to a narrower set of assumptions...
