Which of the following is true regarding pension accounting and reporting?
A) Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position.
B) The Net Pension Liability reported by local governments include only the pension plans for which the local government is trustee, no liability needs to be reported for state sponsored plans in which the local government participates.
C) Both A and B.
D) Neither A nor B.

Question

Quizplus · Accepted Answer

Local governments include only the pension plans for which it is trustee in pension trust funds Statement of Fiduciary Net Position. A city government participating in a state sponsored pension plan for its law enforcement employees will report pension expenditure for the annual required contribution to the State Retirement System in the General Fund and it will report a liability to the extent the city's share of the total pension liability exceeds the net fiduciary position of the state plan in the Government-wide Statement of Net Position.

Which of the Following Is True Regarding Pension Accounting and Reporting