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OH HCR40
Concurrent Resolution
Status
12/4/2013
Primary Sponsor
Kirk Schuring
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AI Summary
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Acknowledges Governmental Accounting Standards Board (GASB) standards 67 and 68, which enhance transparency and standardize valuation practices for pension-related financial reporting.
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Pledges the Ohio General Assembly's continued support for Ohio's five state retirement systems (PERS, OP&F, STRS, SERS, SHPRS) which collectively manage over $165 billion in assets for nearly 2 million members and beneficiaries.
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Clarifies that GASB standards 67 and 68 are accounting standards only and do not affect the actual liability or required contributions of Ohio's retirement systems or public employers.
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Urges public employers to fully educate their officers on GASB compliance and encourages the public to understand the distinction between accounting standards and funding standards for public retirement systems.
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Directs the House Clerk to transmit copies of the resolution to the Government Accounting Standards Board leadership and Ohio news media.
Legislative Description
To acknowledge the Governmental Accounting Standards Board standards 67 and 68 and to pledge the General Assembly's continued support of Ohio's public employers and retirement systems in their mission to provide secure and sustainable retirement, disability, and survivor benefits to Ohio's public employees.
Last Action
Concurrence
2/19/2014