State Street launches reporting and analytics solution to meet GASB 67 requirements
State Street Corporation has launched GASB 67 Performance Reporting, designed to help US public funds meet the GASB 67 performance requirements which become effective after 15 June.
The solution also intends to enhance pension plan financial reporting by standardising greater accountability and transparency related to pension plan finances.
In order to meet the new requirements, plan sponsors will have to make significant changes to the timing and methods used to calculate plan liabilities and expenses. State Street’s GASB 67 Performance Reporting solution helps clients meet these challenges and includes easy access to information through a performance dashboard with interactive views and analytics such as:
• Annual money-weighted rates of return, net of pension plan investment expenses
• Historical annual money-weighted rates of return to support retroactive analysis
• Comprehensive multi-period performance reporting solution on both an annualized and cumulative basis
“As the regulatory environment evolves, our clients must continually adapt their strategies on multiple fronts,” says Mark Schafer, senior vice president at State Street. “We are focused on leveraging our cutting edge reporting and web-based delivery tools to help our clients not only comply with new requirements, but also enrich their portfolio perspective.”
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