BNY Mellon Launches Service To Aid Pension Funds’ Compliance With New GASB Rules

Stack of papers

BNY Mellon has announced a new “regulatory support group” to help its pension fund clients to prepare for and comply with new GASB accounting standards, which went into effect last June. From a BNY Mellon press release:

BNY Mellon has developed reports that will enable plan sponsors to seamlessly compile Statements of Net Assets and Net Changes, new requirements called for under GASB 67. The reports are easily customized and available to clients through Workbench™, BNY Mellon’s technology portal. Additional solutions are designed to help clients meet their GASB 67 performance reporting requirements, with capabilities that feature:

–       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,” said George Gilmer, BNY Mellon head of Asset Servicing for the Americas.

The new GASB rules are designed to improve transparency and accountability in the financial reporting of public pension funds.