Senate Resolution 58 Summary

• Expresses Oklahoma Senate support for the Governmental Accounting Standards Board (GASB) Statements 67 and 68, which improved financial reporting of pension obligations on state and local government financial statements

• Acknowledges concern that using GASB Statements 67 and 68 principles for funding pension obligations could increase volatility in contribution rates and disrupt state and local government budgeting processes

• Supports continued use of standard actuarial practices consistent with Actuarial Standards of Practice for determining pension funding contributions rather than GASB accounting standards

• Endorses the concepts of asset smoothing and reasonable liability discount rates in actuarial standards to establish realistic contribution rates for funding pensions and paying off unfunded liabilities over reasonable timeframes

• Directs distribution of the resolution to the Oklahoma State Pension Commission, State Treasurer, and executive directors of each state public pension system