As we reported in late July, we have been busy making necessary database modifications in an effort to implement the GASB 67/68 reporting standards into our data set. Initially, we provided pension-related data fields to accommodate both Single/Multi-Employer Agent plans and the Multi-Employer Cost Sharing plans for the City, County and School District sectors. Since then, we have been working diligently to propagate related content into those data fields.
We are now pleased to be updating the State sector software to include pension-related data fields that mirror the new City, County and School District pension presentation (including support for the new GASB 67/68 pronouncements and separating the Single/Multi-Employer Agent plans and the Multi-Employer Cost Sharing plans).
A CreditScope System Update with a minimum Build Number of 1251 must be applied in order to see the new State sector pension-related data fields.
You can check the Build Number of your CreditScope system by clicking on the [Maintenance] link of the left-bar navigation tree of the main screen. Then, click on [Advanced] and [About]. In the resulting pop-up box, check the line that reads: "Build". If the Build Number is not at least 1251, you may wish to consult with someone in your IT department to inquire about scheduling a software system/data update in order to see these new fields.
The State sector pension-related data field changes are a significant and necessary enhancement to the usability of the data provided under the formerly used GASB 25/27 pronouncements. During the transition period, certain information previously reported in the State sector pension-related data fields, will be unavailable or inconsistent until the conversion is completed and your CreditScope System Update has been applied. For that reason, as with the City, County and School District changes released in CreditScope Build 1235, a CreditScope System Update is strongly encouraged.
We are on to the next step of breaking out Multi-Employer Cost Sharing plans to their own plan level in CreditScope. While the development of this step is underway, the details and release date are yet to be determined.