GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans
To further enable state and local governmental employers to obtain necessary measurements and information for some multiple-employer defined benefit plans, the Governmental Accounting Standards Board (GASB) issued Statement No. 78 – Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans – in December 2015.
Statement No. 78 amends the scope and applicability of Statement No. 68 – Accounting and Financial Reporting for Pensions – and applies to cost-sharing multiple-employer defined benefit pension plans that:
- Are not a state or local governmental pension plan.
- Provide defined benefit pensions to both employees of state or local governmental employers, and to employees of employers that are not state or local governmental employers.
- Do not have a predominant state or local governmental employer – either individually or collectively – that provides pensions through the plan.
Statement No. 78 includes requirements for recognizing and measuring pension expense, expenditures and liabilities, as well as note disclosures and required supplementary information.