BNY Mellon Adds Reporting Capabilities for Pension Funds Under GASB 67

BNY Mellon has launched new reporting and performance analytics solutions to help U.S. public pension funds comply with new Governmental Accounting Standards Board (GASB) requirements.
By Jake Safane(2147484770)
BNY Mellon has launched new reporting and performance analytics solutions to help U.S. public pension funds comply with new Governmental Accounting Standards Board (GASB) requirements.

Starting with funds that have fiscal years ending June 30, 2014, the “GASB 67” standards are designed to improve financial reporting by state and local government pension plans by implementing new requirements to enhance accountability and transparency.

BNY Mellon will offer new capabilities to custody clients through the firm’s technology portal, Workbench. The custodian has developed reports to help plan sponsors compile Statements of Net Assets and Net Changes, which are new requirements under GASB 67. Additional capabilities include support for:

“· Annual money-weighted returns integrated into existing standard and interactive reporting
· Money-weighted returns available across all return types, including net-of-plan expenses
· Returns reported by calendar or fiscal periods, as well as customized time periods
· Extended time-period returns reported on an annualized or cumulative basis back to inception date.”

“As new standards like GASB 67 continue to impact plan sponsors, they need investment servicers with a solid understanding of the financial regulatory landscape,” says George Gilmer, BNY Mellon head of Asset Servicing for the Americas. “We’re combining our technology and professional expertise to help them tackle these on-going challenges and better inform their decision-making process.”

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