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Governmental Accounting Standards Board (GASB) - Statement No.67, Financial Reporting for Pension Plans, defines the way public pension plans calculate and report the Net Pension Liability. It is effective for pension systems (FPPA is the pension system) with fiscal years beginning after June 15, 2013. FPPA will implement this standard in the fiscal year ending December 31, 2014.

This Statement replaces the requirements under GASB Statement No. 25, Financial Reporting for Defined Benefit Plans and Note Disclosures for Defined Contribution Plans, and Statement No. 50, Pension Disclosure, as they relate to pension plans that are administered through trusts. 

Statement No. 67 provides guidance to pension plans that are administered through trusts or similar arrangements, increases the amount of information added to financial statements (note disclosures), and requires new required supplementary information (RSI) schedules for both defined benefit and defined contribution pension plans.

For more information on Statement No. 67, visit the GASB website.