Governmental Accounting Standards Board

About Statement No. 67

Governmental Accounting Standards Board

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 was issued in 2012 and was effective for pension systems with fiscal years beginning after June 15, 2013.

The New York State & Local Retirement System (NYSLRS) implemented GASB Statement No. 67 in our April 1, 2014 to March 31, 2015 fiscal year.

Here are three important things to know about GASB Statement No. 67:

  • It establishes accounting and reporting standards for public pension systems, replacing GASB Statement No. 25 and Statement No. 50;
  • It mandates footnote and required supplementary information disclosures; and
  • It has no impact on NYSLRS’ Statement of Plan Net Position or Statement of Changes in Plan Net Position.

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


(Rev. 8/21)